I use this primarily to be able to position/turn a stereo bar at the top of a microphone stand. Some other uses over the years as well ...
I actually have two of those. The second one rarely gets used but I'm always happy to have it with me just in case I need to position a microphone in a certain unnatural position.
Just watch out, there is a version with 1/4" male thread which almost looks the same! I accidentally bought such one.
Pros:
- Comes in handy unexpectedly
- Possibility to position a microphone (or stereo bar) in almost any thinkable position
Cons: I don't have any