I bought this punch after reading Stacy Julian's photo freedom book - she uses it to punch the people out of her "left over" and unscrapped photos to keep a stash of pics of the people in her own family for future LO's - I do that now, too - AND I use it to do what Ali E started doing with her Xmas cards a couple years back (making an almost mosaic lo of just a square from every card). I also use it to punch out just a small "focal" point type photo for my LO's and to make other page elements.
My scrappy pals borrow it all the time and many have it at the top of their wish lists - it's a big, honkin' punch and totally my fave thing ever. If I could have only one punch, this would be it - and I know I coudl do the same thing with a trimmer, but it's so nice to flip it upside down, remove the guard/catcher and see exactly what I am punching and have it be perfectly symmetrical and DONE! Love it.