Representable functors play a large role in algebraic geometry when developed through the 'functor of points' approach. One finds schemes represent Zariski sheaves and this gives access to the great power of sheaf theory and topos theory.
My problem is I don't really understand representability, especially geometrically. Formally speaking, knowing some object $X$ represents a functor $F$ says that $F$ "probes" $X$ by giving at every object $Y$ the $Y$-points of $X$. But I just can't appreciate the (especially geometric) significance behind this.
What are some instructive geometric examples of representability?
Although I agree with Zhen Lin's and Qiaochu's comments, I thought it might be useful to give some classical examples where you can write down a functor first, and then ask whether it's representable. (Of course, you could always write down something that is already representable to begin with, but I doubt you're interested in that.)
Example. Here are some down-to-earth examples of representable functors:
Arguably, the cleanest approach to linear algebraic groups, and especially if you want to consider more general group schemes, is by considering the fppf sheaves they define. For example, a sequence of algebraic groups $$1 \to G_1 \to G_2 \to G_3 \to 1$$ is exact if it is so as fppf sheaves. Giving a definition in more geometric terms is awkward to say the least.
Example. To give some more interesting geometric examples of representable functors:
Remark. Finally, observe that representability of functors is by no means a quality that's reserved for algebraic geometry! In any category, you can ask whether a functor on it is representable. It's a good exercise to keep your eyes open for any representable functors around, especially when you're dealing with easy categories (like abelian groups, $R$-modules, sets, or other categories that are relatively easy to describe).
Example. The forgetful functor $\operatorname{\underline{Ab}} \to \operatorname{\underline{Set}}$ is represented by $\mathbb Z$.
Example. The forgetful functor $\operatorname{\underline{Ring}} \to \operatorname{\underline{Set}}$ is represented by $\mathbb Z[x]$. (Compare with the very first example I gave above).
Example. The dualisation functor $\operatorname{\underline{Vect}}_k^{\operatorname{op}} \to \operatorname{\underline{Vect}}_k$ is represented by $k$. This is a slight abuse of language, since representable functors technically have to go to $\operatorname{\underline{Set}}$.
Most dualities are given by representable functors, often by definition. For a less trivial example, see Hartshorne's definition of Serre duality: the functor is $H^n(X, (-))^*$, and the representing object is $\omega_X^\circ$.
Exercise. One of my favourite examples is the functor $\operatorname{\underline{Top}}^{\operatorname{op}} \to \operatorname{\underline{Set}}$ that associates to a topological space $(X, \mathcal T)$ the topology $\mathcal T$, and to a continuous map $X \to Y$ the inverse image map $\mathcal T_Y \to \mathcal T_X$. Try to write down a topological space that represents this functor (it exists!).
(I think Zhen Lin might have told me this example when I was learning about representable functors.)
¹Defining the correct functor is not so obvious, and there are multiple different things people might mean by the Picard scheme. The weakest notion is the representability of the fppf sheafification of the presheaf $U \mapsto \operatorname{Pic}(U)$.