The "Bulk-logged" recovery model sort of does what it implies. With this model there are certain bulk operations such as BULK INSERT, CREATE INDEX, SELECT INTO, etc... that are not fully logged in the transaction log and therefore do not take as much space in the transaction log.
The advantage of using the "Bulk-logged" recovery model is that your transaction logs will not get that large if you are doing bulk operations and it still allows you to do point in time recovery as long as your last transaction log backup does not include a bulk operation as mentioned above. If no bulk operations are run this recovery model works the same as the Full recovery model. One thing to note is that if you use this recovery model you also need to issue transaction log backups otherwise your database transaction log will continue to grow.
Here are some reasons why you may choose this recovery model:
Type of backups you can run when the data is in the "Bulk-logged" recovery model:
ALTER DATABASE dbName SET RECOVERY recoveryOption GO
Example: change AdventureWorks database to "Bulk-logged" recovery model
ALTER DATABASE AdventureWorks SET RECOVERY BULK_LOGGED GO