It has been reputed to cure several things including depression, infections and to aid sleep. In multiple cultures, it has been associated with courage. Thymol, found it thyme, produces its scent and has been found to have antiseptic properties. It is used in mouthwashes and cough drops as well as for some breathing disorders. Thyme is also an anti-spasmodic and teas made of thyme are used to relieve menstrual cramps.
It provides a fragrant ground cover and will even grow in the cracks between pavement. A tea made of thyme may also be used as a cleaning product.
From "The Thyme Plant" on Natural & Herbal Remedies 
- Do not use Thyme herb during pregnancy.
- Avoid using if you have [too high] blood pressure.
- Do not take more than one teaspoon of dried Thyme leaf daily.
Other sites mentioned the possibility of allergies and reaction to the essential oil when applied directly. (This is true of many essential oils. At full strength, they can be irritating.) Allergies are possible, but rare. 
| Quote |
Those herbs which perfume the air most delightfully, not passed by as the rest, but, being trodden upon and crushed, are three; that is, burnet, wild thyme and watermints. Therefore, you are to set whole alleys of them, to have the pleasure when you walk or tread.
Thyme is pronounced like the word time. Partly because of this, it is used in many puns.
- The following are from Signs of the Thymes where there are more and credits.
- Do you have thyme to read this?
- Thyme for tea
- Thyme was
- Lost in thyme
- Thyme is of the essence
- World's Healthiest Foods on Thyme
- What's Cooking America on Thyme - Thymus Vulgaris
- 17 Facts About Thyme and Thyme for Courage from healthdiaries.com
- It's About Thyme from Drought Smart Thyme, which also has information about different varieties and how to grow thyme.
- Thyme - Health Benefits on Vegetarian-Nutrition.Info
- The Thyme Plant on Natural & Herbal Remedies
- Phadia on Thyme (includes information about rare reactions)
- HealthMad on 10 Health Benefits of Thyme
- Wikipedia's article on thyme
- Wikipedia's article on thymol