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In Monero's GUI, monero-wallet-gui, I see a drop-down box for "Transaction priority" with the following options:

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When should I ever choose anything else but the default value ("LOW")? As far as I know, blocks aren't full so far, and there's a dynamic block size …

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Transaction priority is a setting used to set your payment apart from other payments in the mempool if there is any competition, confirming your payment sooner. This can be seen in Bitcoin, where low-fee transactions can take hours at various times to complete, while higher fee transactions are completed relatively quicker since miners (who confirm every transaction) prefer those with higher fees since it earns them more money.

As you correctly stated, blocks currently are not very full in Monero, so there's no reason to choose a higher fee at this time. However, blocks may increase in size, so this could change, perhaps with the switch to RingCT and the larger block size that will entail.

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    IMO, you'd only need higher fees during rush periods, until the block size grows to accomodate the demand. Monero bus can grow more seats if there's actual demand :) – JollyMort Dec 28 '16 at 8:39

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