The people have the ability to Strike Down a law that they feel is not legitimate. That won't normally happen because congress will write the laws in such a way that the people will understand and agree to. The people have the final say on the laws that the Government will pass, that we will ALL have to follow.
We even have the ability to create new laws by getting a certain number of signatures.
It established the principle that everyone is subject to the law. Even the king. It also guaranteed the rights of individuals, and the right to a fair trial.