As mentioned above, used to slow down the lathe. Tom's Techniques has a nice video on picking RPM's for cutting. Quick version for steel is start at 400 RPM divided by drill diameter (drilling operation) or work diameter (for turning). So start with 1600 RPM if drilling with a 1/4" drill into steel ( 400 RPM / 0.25"). Or for turning, set the lathe to 200 RPM if turning a 2" steel round ( 400 RPM / 2" diameter). I'd have to review Tom's video for other materials, recall using something like 1000 for aluminum and brass. It all boils down to surface feet per minute at the edge of the cutter.
Another use (though debatable by many) is go to back gear to lock the spindle for screw-on chuck removal and install. Atlas recommends this method in their manuals, probably other manufacturers too.
Bruce