hydrazine is kinda what nitro looks like without all of that carbon and oxygen (and I think it's just a bit more stable. yeah, when NOT in the presence of the right catalyst to make it go 'foom')
nitrogen bonds typically break with a great deal of released energy. Hence, with that nitrogen double-bond, it makes GREAT rocket fuel! (I read up on it on wikipedia just for grins, always fun stuff). Nitro would, too, except for the whole 'shock instability' thing.