Current Sticky Bit concept -
Suppose i created a directory means i am the owner,But other user can create files in that directory and delete it too.
But if set the stick bit of the file only the owner can remove/move the file.
So Crete a file name queryhome.c
then chmod +t queryhome.c so that now sticky bit will be set,so only owner can play with this file
And to remove sticky bit we use chmod -t queryhome.c
Previous Use of sticky bit concept -
The idea was totally different as it was related to memory.
As when we runs a program 1st it is loaded in to memory then it is executed,Suppose think a condition we use that specific program regularly so each time will be loaded in to memory and will be executed.
But if we set the stick bit for the program then when the program closes the total part will not be vanished instead the text segment of the code will be at swap space as text segment doesn't change.
So our memory overhead is minimized.
when i was having this question before 2 months i found out here explained beautifully
http://www.thegeekstuff.com/2013/02/sticky-bit/