1. Generating functions can be used to represent sequences as power series and solve recurrence relations.
2. Common examples of generating functions are presented for various sequences like the constant sequence {1,1,...}, the sequence of powers of 2, and binomial coefficients.
3. The process of using generating functions to solve recurrence relations involves rewriting the relation, multiplying by x^n and summing, identifying the generating function, and extracting the nth term.