I felt the same way when I first started - I just didn't get it. Here's an example of holding something odd shaped in the chuck:
There are two advantages here; one, you can almost exactly center a work piece based on the inside diameter or, for round stock, outside diameter - you can't do that with a three jaw. Your's is a nice clean chuck that looks well cared for. It won't be long before you'll understand a lot more than you do now and then you'll be upset if you sell it. At least keep it for the time being - you can always sell it later if you find you don't need it.
John
There are two advantages here; one, you can almost exactly center a work piece based on the inside diameter or, for round stock, outside diameter - you can't do that with a three jaw. Your's is a nice clean chuck that looks well cared for. It won't be long before you'll understand a lot more than you do now and then you'll be upset if you sell it. At least keep it for the time being - you can always sell it later if you find you don't need it.
John