This module allows you to specify content type(s) as being a block. This allows the content managers of the site to edit the block text and title without having to access the block administration page. Users only need edit access to that node in order to edit it.
It is very handy to create a simple block content type and enable this content type for blocks and use these in place of the normal 'add block' functionality.
Now supports translatable content
If Content Translation is enabled, then only a single node block per translation set is exposed and the node from the translation set with the appropriate language is loaded into the block. Entity translation is not supported yet.
There are several other modules and approaches that allow nodes to be presented as a block. See a comparison at http://groups.drupal.org/node/93499
The Drupal 7 version of this module enables the use of view modes. This gives the user even greater control over customizing the output of the node block. Default view modes and links display can now be assigned per content type and then overridden at block/node level.
The current Drupal 6 release is stable and will only accept bug fixes moving forward. This version is looking for a co-maintainer to help assess and commit patches to further improve compatibility, usability and so forth. More here:
Omega theme users
Codekarate.com made a demonstration movie on nodeblock: