The AS allows you to assign a name to the calculated column so that you can access it by name, otherwise the column name would be - "DATE_FORMAT(date,'%m/%d/%Y')" - which is not as easy to type as "date".
You could also access the result using numeric indices -
$row[0] instead of $row['date'] which enables you to use mysql_fetch_row instead of mysql_fetch_array.
If you always access the returned arrays as associative arrays (using the key names) you should use mysql_fetch_assoc instead of mysql_fetch_array as it is minutely more efficient.
Hope this helps 😉
P.S. You should read through the section of the php manual relating to mysql functions as it describes the difference between the functions and their uses.