You can use boughs for wicker baskets and round poll fences - and presumely other things that just ask for a "stick" in the build menu - This is helpful for taming, when on grasslands and you run out of precious sticks blocking in animals.
I only tested this with both the WickerBasket and Round Poll Fence.
basically anything that requires "branch" will take boughs, the only thing that boughs dont work as a branch is for fuel use (oven, kiln, cauldron) as far as i know. i think ive tried almost everything. cone cow, barkboat, breadbasket, perched perch, bone saw, stone axe, banner, crossroad, plow, fire, hearthfire, dream catcher, loom, churn, cheeserack... tell me if you find anything that you couldnt use boughs for branches!
the tip ElGato mentioned before, the cauldron one, is the best i learned so far. (lift cauldron to stop water boiling.)