I believe preview can set the DPI tag, the adjust size option has a resolution setting which appears to do this.
I believe my son uses it regularly for two reasons.
He's the marketing manager at a local restaurant and often is involved in preparing literature and also working with the publishers who also prepare the companies literature on occasions.
The publisher (or rather the person working at the publisher, who is a friend of the owner of the restaurant and possibly in training) who should really know better, asks for photos at 300 dpi, my son understands what Larry is saying about DPI, but there is no point in arguing with these people and changing the DPI setting keeps everything sweet.
However, when my son puts together publications himself he uses preview to change the DPI of each photo to 300 dpi before importing it into his publication software. The publication software imports the image at a size which is dependent on the DPI setting. This makes life much simpler for my son since he now knows when he resizes the photo to his desired size, if he has to enlarge it, it's no good. On the other hand if he has to make it smaller he knows it's 300 dpi or greater and is acceptable for publication.
Being able to set a DPI is certainly not an irrelevance for my son.