This shrub gets its name from its intersting bark that peals away in layers like the bark of birch.  The flowers of this shrub are clustered a look a bit like spirea.  It's a good shrub for a hedge, and it can reach up to 10 feet tall.  If you want this shrub to fruit, it is recommended to have at least three to because they are not self-fertile.  
 
From Prairie Nursery's website: "Common Ninebark is known to host numerous moths, including the Io moth, Glorious Habrosyne, Bluish Spring Moth, Hitched Arches moth, and the Large Maple Spanworm, to name a few!"