For the record, I'd like to offer up three examples where a mathematician is doing something
other than arithmetic of real numbers, where 0/0 can be usefully defined.
The first I encountered in the book
Concrete Mathematics which introduces the concept of a
strong zero. A strong zero multiplied by any expression results in zero -- even if that other expression doesn't make sense! So, in particular,
\mathbf{0} \cdot \frac{1}{0} = \mathbf{0}
where I've used boldface for the strong zero. The application was the manipulation of series: they introduced a bracket operator [ \cdot ] on propositions by
[P] = \begin{cases} \mathbf{0} & \neg P \\ 1 & P \end{cases}
The typical use of this bracket is in a summation, such as
H(n) = \sum_{k} [1 \leq k \leq n] \frac{1}{k}
where the sum is over all integers, but the [] expression is used to control which terms actually contribute. This is a surprisingly useful tool for doing computations with sums. With this typical usage, it's not hard to see why the strong zero semantics makes sense.
The other example I've encountered is that of a
wheel: a variation on the usual arithmetic axioms designed so that inversion is a total operation. The theory of wheels has been fleshed out to some extent, and the basic identities clearly illuminates some of the sacrifices one has to make so that division by zero makes sense; e.g. the distributive law no longer works and must be replaced with
xz + yz = (x+y)z + 0z
even the idea of multiplicative inverse breaks down:
x/x = 1 + 0x/x
The final example is that sometimes, people do calculations not with functions, but instead with partial functions. Suppose
x is a real variable. If you are working with functions, then
x/x is an illegal expression: you're only allowed to divide by nonzero things. However, if you are doing arithmetic with partial functions, then
x/x is a partially-defined real number. (Defined on the domain of all nonzero x)
In this arithmetic, 0/0 is an "empty" real-valued constant. It has no value. It's essentially nothing more than a variation on the notion of "undefined" that we can use in expressions. The relation 0/0=1 is neither true nor false: it is the empty truth value. Again, it's the analog of undefined.