A classic and fundamental result about the decomposition of random sequences into a mixture of simpler ones is de Finetti's Theorem. In its original form it applies to infinite 0-1 valued exchangeable sequences. Later it was extended and generalized in numerous directions. After reviewing this line of development, we present our new decomposition theorem, covering cases that have not been previously considered. We also introduce a novel way of applying these types of results in the analysis of random networks. For self-containment, we provide the introductory exposition in more details than usual, with the intent of making it also accessible to readers who may not be closely familiar with the subject.