Yup, when used in a controlled manner (most often injected into a skimmer) Ozone helps break down organic molecules into forms that a skimmer can remove that would have otherwise remained in the water column. As Superman says, it tends to remove organic molecules that "stain" the water giving it a slightly yellow appearance. Often the aquarist doesn't even know his/her water is dirty until you start using Ozone and see its effects. Furthermore, Ozone breaks down organic molecules that could otherwise be used by bacteria to create nitrates and phosphates, ultimately leading to algae blooms.
Do take care though, Ozone dosed haphazardly can be exceptionally dangerous to both your fish and YOU, so if anyone does decide to use it, take care in doing so.