When you need a value from the first or last row of a sorted group, but the needed value is not the sort key, the FIRST and LAST functions eliminate the need for self-joins or views and enable better performance.(quoted from tahiti)
http://download.oracle.com/docs/cd/B28359_01/server.111/b28286/functions058.htm#sthref1414
http://www.psoug.org/reference/OLD/analytic_functions.html?PHPSESSID=26034dea1c0fb6e4ec0580b5f35f193f
http://asktom.oracle.com/pls/asktom/f?p=100:11:0::::P11_QUESTION_ID:12864646978683
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