It’s a wonderful novel, and there’s a lot to discuss… Since you seem interested in the history behind the work itself, from what I remember it took a good long while to come to light, and even then as an underground/samizdat work considering its take on the Soviet establishment. The Penguin edition has a foreword describing much of this, so if you can get ahold of it you may find some of your questions answered.
The Master and Margarita is something of a meeting-point between the classic Russian novel (say, Dostoevsky) and the Faust legend. It’s indisputably Russian, even Soviet, and satirizes its own national character frequently (for another great Soviet satire, check out the science-fiction movie Kin Dza Dza; I believe it’s on Google video subtitled); but for all that it’s also greatly concerned with the spiritual and especially the diabolical.
I don’t really know of any contemporary applications it might have other than being a timeless classic. And of course, it’s just a great read on its own