Pouring over the release notes regarding jQuery 1.4, I came acrosss $.noop() which is:
Description: An empty function. (added in 1.4)
It can be useful if you have a function that supplies functions to other functions.
Example: You have a List of data. Each item has a Button that does something. The "something" can be different for every item. You have a "FunctionFactory" that takes in the item and returns a function. If you don't want the button to do something for whatever reason, then the cleanest way could be to return an empty function, as that way you know that your Factory ALWAYS returns a function.
I don't have a concrete example for jQuery, but I guess this could come in handy when used in an .each or .map block.