I don't have a good overview of this problem, but I can give some examples.
A simple approximation algorithm would be to find some order of the nodes and greedily select the nodes to be in the independent set if non of its previous neighbors have been selected in the independent set.
If the graph has degeneracy $d$ then using the degeneracy ordering will give a $d$-approximation.
hence for graphs of degeneracy $n^{1-\epsilon}$ we have a good enough approximation.
There is a couple of other techniques for approximations that work too, but I don't know them well. See:
http://en.wikipedia.org/wiki/Baker%27s_technique
and
http://courses.engr.illinois.edu/cs598csc/sp2011/Lectures/lecture_7.pdf
For the polynomial algorithms solving the problems exactly The link Suresh gave is the best. Which graphclasses that are more interesting is hard to say.
One class you wont find in that list is the complement of $k$-degenerate graphs.
Since max clique can be solved in $O(2^k n)$ on graphs of degeneracy $k$ see
http://en.wikipedia.org/wiki/Bron%E2%80%93Kerbosch_algorithm
especially the work of Eppstein.
Then Independent set is polynomial on G if the complement of G has degeneracy $O(\log n)$.