The inverse limit A together with the functions fi({aj}) = ai (the projections) has the universal property that for every structure B and a set of morphisms gi: B -> Ai such that for every i>j, gj = gi o fi,j there is a unique morphism g: B -> A such that for every i, gi = g o fi.
Note that A is often the same kind of algebraic structure as the Ai, with the operations defined element-wise: this holds for rings, algebras, fields, groups and vector spaces, amongst other. If every structure is finite, we can give A the product topology of discrete spaces. Since the rules describing an inverse limit are closed, A will be compact and Haussdorf in this case.
Examples: