This is yet another, "one of my favorites..."!
This movement/exercise is great for ankle, knee, and/or hip stability. Many studies have looked at glute activation with balance exercises on 1-leg. It is amazing how much the glute is recruited during these types of exercise/movements. This is another staple for any runners, especially distance runners. Ensure that the majority of your weight is on the mid-foot and heel of the foot that is on the half-arc.