The Prophet (S) had made a Kutba about Laylatul Qadr:
-"Oh people! A great month is coming to you. A blessed month. A month in which there is one night that is better than a thousand months. A month in which Allah has made it compulsory upon you to fast by day, and voluntary to pray by night. Whoever draws nearer to Allah by performing any of the voluntary good deeds in this month shall receive the same reward as is there for performing an obligatory deed at any other time. And whoever discharges an obligatory deed in this month shall receive the reward of performing seventy obligations at any other time. It is the month of Sabr (patience), and the reward for sabr is Heaven. It is the month of kindness and charity. It is a month in which a believer's sustenance is increased. Whoever gives food to a fasting person to break his fast, shall have his sins forgiven, and he will be saved from the Fire of Hell, and he shall have the same reward as the fasting person, without the latter's reward being diminished at all."
Laylatul Qadr occurs in one of the last ten nights of Ramadhaan and more probably in one of the last ten odd nights.
Laylatul Qadr is believed to be the day the Quraan was revealed.
A lot of people stay awake till night praying for Allah on this day, because it's worth more than a thousand months.
Story about Laylatul Qadr:
-Once, Prophet Musa ('a) said to Allah (swt)"I desired to be near you", to which Allah (swt) said, "Whoever desires to be near me should remain awake during Laylatul Qadr (worshiping me)." Prophet Musa ('a) said:"And I wish to earn your mercy", Allah (swt) said, "That is granted to the one who is merciful to the indigent during this night." Prophet Musa ('a) said: ďAnd I wish to pass on the right path", Allah (swt) said, "This is granted to the one who spends alms during Laylatul Qadr." Prophet Musa ('a) said:"I wish to enjoy the trees and fruits of paradise", the Almighty (swt) said, "That is granted to the one who praises me during this night."Again Prophet Musa ('a) asked, "I wish to achieve salvation from the fire" - Allah (swt) said, "That is granted to the one who seeks forgiveness during Laylatul Qadr." And then Prophet Musa ('a) said, "O 'Allah - I want to achieve your pleasure", the Almighty (swt) said, " I shall be pleased with any one who prays two rakaat prayer during this night."