You've heard of tone-deafness, right? Well, Groove Quantize is for people who are groove-deaf. If you've never used it, you probably don't need it.
But, seriously, Groove Quantize is designed to allow you to match the rhythmic feel of a MIDI or audio track to the rhythm pattern in another MIDI or audio track as an alternative to quantizing everything to/toward an evenly-spaced grid. You can quantize to a saved file or to something in your clipboard that you've copied from a MIDI track or from transients in an audio track. But it's the interplay in timing of different tracks/instruments that makes a good groove, so it has limited usefulness as far as I'm concerned.
I think it's mostly useful if you're starting with a hard-quantized loop that needs some "feel" added to it. If you record everything live in real time, it's probably already got the feel it needs.