sl2 is the fundamental example of a finite dimensional simple Lie algebra. It forms the basis of the Cartan-Killing classification of complex semisimple Lie algebras, since all of the others can be made by gluing (in some sense) copies of sl2 together. Its representation theory is both straightforward and illuminating, since it points the way to the general theory of highest-weight representations.
For the same reason, SU(2) is the fundamental example of a nonabelian compact Lie group. By Borel-Weil, its irreducible representations can be geometrically realized as the spaces of sections of complex line bundles on the 2-sphere (somewhat easier to handle than a general flag variety).