The continuation bet is perhaps the single most adhered to poker strategy amongst poker players; it is practically universal. The logic is simply that if you raise preflop you should bet the flop. While a number of phony theories can be used to explain this phenomenon such as "taking charge of the hand" or "momentum" the simplest argument is the best; you raised before the flop because you thought you had the best hand and that hasn't really changed on the flop. It is also crucial for disguising from your opponents whether you hit or missed on the flop.
As is true of any case involving human phenomenon, different people react differently to continuation bets. Weaker players tend to fold to them, stronger players will raise them and looser / trickier players will call them. The standard play, after having an opponent call your flop bet when you missed the flop (and of course do not have a big pair as well) is to check on the turn, folding to a turn or river bet.
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This is certainly not always the correct strategy; if you feel your opponent was testing the waters by calling the flop you can fire a second barrel on the turn in an attempt to steal the pot, but if they were slow playing you, or drawing and they hit you are simply throwing good money after bad. The ideal board for a second barrel is one that is 'somewhat' connected but not completely draw heavy.
It is generally not advisable to continuation bet unimproved into a field of three or more opponents unless they are all particularly weak and cowardly. Likewise, it is very seldom a good idea to second barrel more than a single player. While three barrelling is extremely gratifying when you pull it off, it is very unlikely to be successful unless your opponent had a weak draw that missed or was relying on you second barrelling but not third barrelling.
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