One fun thing you can do with the display is have it as your main console instead of the HDMI/TV output. Even though it is small, with a good font you can get 20 x 40 of text. For more details, check out https://github.com/notro/fbtft/wiki/Boot-console

First up, we'll update the boot configuration file to use the TFT framebuffer /dev/fb1 instead of the HDMI/TV framebuffer /dev/fb0

sudo nano /boot/cmdline.txt

you can also edit it by putting the SD card into a computer and opening the same file.

At the end of the line, find the text that says rootwait and right after that, enter in:
fbcon=map:10 fbcon=font:VGA8x8 then save the file.

On the next boot, it will bring up the console.

Note that the kernel has to load up the display driver module before it can display anything on it so you won't get the rainbow screen, a NooBs prompt, or a big chunk of the kernel details since the module is loaded fairly late in the boot process.

I think the VGA8x8 font is a bit chunky, you probably want 12x6 which is what is shown in the photo above. To change the font, run sudo dpkg-reconfigure console-setup and go thru to select Terminus 6x12

Turn off Console Blanking

You may notice the console goes black after 30 minutes, this is a sort of 'power saving' or 'screensaver' feature.

Raspbian Jessie

 Add the following line to /etc/rc.local

sudo sh -c "TERM=linux setterm -blank 0 >/dev/tty0"

on the line before the final exit 0

Raspbian Wheezy

You can disable this by editing /etc/kbd/config and looking for 

BLANK_TIME=30

and setting the blank time to 0 (which turns it off)

BLANK_TIME=0