I2C is a neat little bus that uses two lines - clock and data - to allow any number of masters and slaves to talk together at 100KHz or 400KHz or 1MHz. The rate isn't massive, but for non-bandwidth-critical applications like controlling LCDs and LEDs and accessing small memories and so on, it's pretty useful. The SMBUS (used on PC mainboards) is a I2C bus too.
The LPC21xx chips have a hardware I2C interface that can be left to its own devices to transfer a byte at a time either way, and if configured to act as a slave will interrupt the processor when addressed, which saves a lot of CPU time over "bit banging".
Some I2C devices: