Just to complement, one implication of this mutability is seem below:
ruby-1.9.2-p0 :001 > str = "foo"
=> "foo"
ruby-1.9.2-p0 :002 > ref = str
=> "foo"
ruby-1.9.2-p0 :003 > str = str + "bar"
=> "foobar"
ruby-1.9.2-p0 :004 > str
=> "foobar"
ruby-1.9.2-p0 :005 > ref
=> "foo"
and
ruby-1.9.2-p0 :001 > str = "foo"
=> "foo"
ruby-1.9.2-p0 :002 > ref = str
=> "foo"
ruby-1.9.2-p0 :003 > str << "bar"
=> "foobar"
ruby-1.9.2-p0 :004 > str
=> "foobar"
ruby-1.9.2-p0 :005 > ref
=> "foobar"
So, you should choose wisely the methods you use with strings in order to avoid unexpected behavior.
Also, if you want something immutable and unique throughout your application you should go with symbols:
ruby-1.9.2-p0 :001 > "foo" == "foo"
=> true
ruby-1.9.2-p0 :002 > "foo".object_id == "foo".object_id
=> false
ruby-1.9.2-p0 :003 > :foo == :foo
=> true
ruby-1.9.2-p0 :004 > :foo.object_id == :foo.object_id
=> true