I finally have a pretty good understanding of soft bodies now. I've created land where a vehicle can drive over it and leave tracks, or where someone can leave foot prints, etc. I've used it to create a swimming pool and a lake. I created a table cloth and covers for a bed. It's really really useful.

I made this basketball net in about 5 minutes. It's needs tweaking but it was super easy.

YouTube - Soft Body Basketball Net