Applications for the class equation from group theory I have seen and studied this class equation for a finite group acting on itself by conjugations. The only applications I know are Cauchys' theorm and Sylow's theorem. Are there more?
 A: A nice application is Wedderburn's theorem: every finite skewfield is necessarily commutative. Here a skewfield is something which satisfies the same axioms as field, except that multiplication is not required to be commutative; the typical example are quaternions.
To see this, let $F$ be a finite skewfield, $Z$ be its center. It is easy to see that $Z$ is a field, hence it must be $\mathbb{F}_q$ for some prime power $q = p^k$. $F$ will then be a vector space of finite dimension $n$ over $\mathbb{F}_q$, hence it will have $q^n$ elements.
Now write the class equation for the multiplicative group of $F$:
$$q^n - 1 = q - 1 + \sum_i \frac{q^n - 1}{q^{t_i} - 1}$$
Here $q - 1$ appears as the cardinality of the center, while the sum extends over a set of representatives of the non-trivial conjugacy classes.
Note that for $q^{t_i} - 1$ to divide $q^n - 1$, $t_i$ must divide $n$. Indeed the order of $q$ modulo $q^{t_i} - 1$ is $t_i$, and $q^n = 1 \pmod{q^{t_i} - 1}$.
Now let $f_n$ be the $n$-th cyclotomic polynomial. Then $f_n(q)$ divides $q^n - 1$ and it also divides each term in the sum, so $f_n(q)$ divides $q - 1$.
But this is impossible unless $n = 1$ and the sum is empty, in which case $F$ is commutative. Indeed $f_n(q)$ is a product of terms of the form $q - \omega$, where $\omega$ is a root of unity, and this product will have bigger absolute value than $q - 1$ as soon as $n > 1$.
A: The class equation implies a nontrivial finite $p$-group has a nontrivial center, or more generally that a nontrivial normal subgroup of a nontrivial finite $p$-group $G$ contains a nontrivial element of the center of $G$.  (Note: there are infinite groups where every element has $p$-power order and the center is trivial, so the finiteness assumption on the group is important.) This has standard further consequences for finite $p$-groups, although they are no longer direct consequences of the class equation. 
The class equation itself is a special case of a more general result: the orbit-stabilizer formula for group actions.  That has lots of uses.
A: Sorry, I don't have enough reputation to comment on Andrea Ferretti's answer, but that proof of Wedderburn's theorem is also given in detail in Herstein's Topics in Algebra.
A: http://en.wikipedia.org/wiki/Burnside's_lemma
Burnside's lemma can be easily deduced from the class equation and is useful in combinatorics
