The Switch has been blown wide open, you can pretty much do anything you can think of with a tablet on it. You can play game backups, you can use an emuMMC to switch between having a "hacked" Switch and having a "stock" Switch to play online with, you can run Linux, you can run Android and use it like any other tablet, and there are various ways of either streaming your Switch screen to your PC or streaming your PC screen to the Switch. Hacks will let you play game backups, you can customize control layouts and use other controllers (like Xbox One, 360, or PS4) on it, you can control your Switch from your PC, you can use game mods and cheats, all sorts of stuff. With Retroarch and/or Lakka you can emulate all sorts of retro consoles, and you may even be able to emulate some Gamecube / Wii games, but some games run better than others. Even PS2 can be emulated, but generally with unplayable framerates.
You can download, make, and install custom themes on your Switch, and the actual layout of the home menu is customizable, along with the icons. With sysmodules you can have music running in the background, or even an FTP server so you can transfer stuff to your Switch from your PC. Or if for some reason you don't like the Switch home menu, you can replace it with uLaunch. There are also ways you can enable access to the Switch's web browser.
As far as stuff I expect to be able to do in the future? Well, there's not a whole lot I can think of waiting to be done, but if I were to be really picky:
- The current version of Android for Switch doesn't handle joycons very well. The analog sticks are seen as D-Pads instead, and many people had issues either using the joycons in certain games or using them with emulators. The Switchroot team has fixed this for their next release, but they don't have an ETA yet for when they'll actually release it. Also, the next release should have better battery usage and Android Pie.
- Currently only SX OS supports playing games from a USB hard drive, as well as playing XCIs without installing them like NSPs first. I don't really care whether we get XCI support in Atmosphere, but it would be nice to see USB storage support added.
- An untethered coldboot exploit would be nice, but I doubt we'll ever see one. I'm pretty happy as long as I have my jig and payload dongle though. Of course until then you also have the option of using an internal mod.
- I've used In-Home-Switching for streaming my PC games to Switch, and while it's pretty cool, it leaves a lot to be desired. There's currently no touchscreen support, and there's no way to send mouse or keyboard input from the Switch. Unfortunately it looks like development has halted on it, but I would love to see it pick up again.