It has also been shown that regions of the Y chromosome are constantly being lost by either deletions or recombination which might - so some scientists believe - eventually wipe out the male species from the human race. Although such genetic happenings are common on the Y chromosome, scientists have also identified regions which contain palindromic sequences which seem to help the Y chromosome retain its active functions.
The Y chromosome serves as an evolutionary tracker since it is mostly conserved and transmitted from male to male offspring, this helps us make phylogenetic studies and identification of ancestry.
Recommended Reading:
http://www.nature.com/nature/journal/v423/n6942/full/nature01722.html
http://ghr.nlm.nih.gov/chromosome=Y