Clonazepam, variously marketed as Klonopin, Paxam, Rivotril and Rivatril, belongs to the benzodiazepine class of drugs which also includes diazepam, better known by the brand name Valium.
Benzodiazepines work by binding to specific receptors on nerve cells which enhances the potency of the body's main inhibitory (calming) neurotransmitter, GABA. These drugs are therefore used in conditions where there is overexcitability of the brain and central nervous system such as epilepsy/seizures, anxiety and panic disorders, and sleep disorders including restless legs syndrome (RLS).
Clonazepam is a potent benzodiazepine whose effects have a rapid onset but also wear off relatively quickly. This is in contrast to diazepam which is less potent and generally slower to take effect but also remains in the body for longer and its effects therefore have a longer duration.
All benzodiazepines are considered to be effective and have low toxicity but they are also known to lose their effectiveness over time, thus requiring increased dosages to produce the same benefit. They also bring a risk of dependence and are thus usually prescribed for short periods or on an "as needed" basis only.
Finally, it is worth noting that a number of specialist physicians have used clonazepam as part of a comprehensive treatment approach for chronic fatigue syndrome (ME/CFS). The most notable of is Dr. Paul Cheney who believes the brains of ME/CFS patients are in a state of chronic overactivation which besides contributing to symptoms can be damaging to brain cells over time. Dr. Cheney has used clonazepam/Klonopin to return brain activity to within normal ranges.
RxList entry for clonazepam