I've been playing ukelele for a year(Among my other pursuits) and my eyes have been opened as regards the versatility and potential of this instrument.

As as been mentioned, there are several tuning possibilities, choice of high or low "G" string, various instruments in the family and so on.

I used to think that it was mainly used for strumming chords and can be very effectively. However, many of the complex patterns while fine for certain songs don't always suit folk and traditional music. So, I'd personally stick to more simple patterns. It's a matter of taste though.

Also, there are lots of lovely tune and melody arrangements composed for ukelele which take advantage of the high "G" string and the "campanella" style. It's also possible to play these by using notes on the E and A strings and there are many different and, sometimes, opposing views as to which arrangements are best.
However, it does give you an option to include nice "ringing" notes etc and other effects even although it doesn't always feel like the most natural way to play at times.