Looks like a resistor, only one band. If anyone could help ID this for me, i'll be very grateful. Thank you.

 

Looks like it might be a "0 ohm" resistor.
HERE

 

0Ω/jumper that can be inserted by machine same as a resistor.

However, I haven't seen one used as shown in photo, only on PC Boards.

What is the application? What works, what doesn't, when did it stop working, etc?

 

It is really like 0Ω as SPQR's linked page.

Zero-ohm link,From Wikipedia, the free encyclopedia
http://en.wikipedia.org/wiki/Zero-ohm_link

The purpose of 0Ω, the contents is came from a friend, and I just choose some points.

1. jumper, it's more beautiful, and also convenient to install.
2. Some digital and analog mixed circuit, it needs to seprate two ground, and only one point to connected together.
3. because it has a less resistance, and easy to break.
4. It's reserved for some purposes of testing.
5. It's used like as a jumper or switch, through solder to fixed it, and to prevent user to change it.