Geared towards the news of their London club nights, including pictures of previous nights and purchasing tickets for future events, it also has a streaming radio station of Ministry of Sound music - don't forget as well as a nightclub MoS is also a record label.
Hopefully the next version will allow the radio channel to play in the background, and interface with the "Music + Video" system. This is definitely an app with a targeted audience in mind, but I don't think that's the main reason Nokia have done a deal to provide this for free...
It's all about mind-share and association. Look at the screenshot in the marketing of the Nokia Lumia 800. Ministry of Sound is a recognisable name, even if you're not into the dance music scene. Much as having a British Airways app loaded into the device out the box, having MoS there pushes the message that Nokia is the place to be.