Workflows are implementation of business processes allowing people to collaborate on documents through various project tasks assigned to individuals. They enhance productivity and organization of work in an organization. This enables people to only concentrate on tasks given to them. It’s basically a planned series of tasks assigned to individuals to achieve an outcome.
Workflows included in MOSS:

Approval.
Collect Feedback.
Collect signatures.
Disposition approval.
Three-state.
Group approval.
Translation management.
Overall MOSS workflows target at higher productivity keeping collaboration and business processes in mind.   _{Your Comment}