I'd posit a third.
3) you have a high-dynamic range scene that cannot be covered by a single exposure. (i.e., "shoulders" at BOTH left and right ends of the histogram).
You can then choose which part of the scene is meaningful to you and expose accordingly. Or possibly to go with bracketed exposures for fusing or HDR post-processing techniques.
The histogram can also help you determine whether you've covered a large dynamic range with bracketed shots by showing whether the peaks on either end are (reasonably) covered to extinction.
But overall, yes, there is no such thing as a good or bad histogram--it's not like you should be aiming to have a perfectly bell-shaped centered curve every time. I like the demonstration of this on
the Luminous Landscape tutorial on histograms. And of course,
Levels adjustments are basically manipulating the histogram in post.