Mobile Edge Computing proposes co-locating com-puting and storage resources at base stations of cellular networks. It is seen as a promising technique to alleviate utilization of the mobile core and to reduce latency for mobile end users. Due to the fact that Mobile Edge Computing is a novel approach not yet deployed in real-life networks, recent work discusses merely general and non-technical ideas and concepts. This paper introduces a taxonomy for Mobile Edge Computing applications and analyzes chances and limitations from a technical point of view. Application types which profit from edge deployment are identified and discussed. Furthermore, these applications are systematically classified based on technical metrics.