Google Analytics recently included Non-bounce Visits in the pool of built-in Advanced Segments. This segment is useful, but in a somewhat subtle way.
Virtually every website experiences some level of bounce. No matter how carefully you have crafted your unique value proposition and positioned your call to action, there will always be a certain number of visitors who lie outside your target audience but still find their way to your site. This portion of visitors is more likely to bounce.
For this reason, it can be useful to evaluate metrics such as Conversion Rate specifically for the Non-bounce Visits segment. With this segment applied, you can track conversion patterns for traffic that was at least engaged enough to view a second page on your site. In this way, you may be able to uncover conversion issues that would be more obscured with the All Visits segment.
Keep in mind that discussions of Bounce Rate generally do not apply in the same way to blogs, since blog visitors can be fully engaged without ever leaving the home page.