There are several uses besides just making lists of what you own. You can scan things you want to sell and transfer the data to a place like Amazon.com. You can scan the UPCs of food as you throw them out, and then have a shopping list of things you need to buy.
Or if you're putting things like books, games and movies in storage, just scan the items and label them all as in a box in the attic. That way you don't have to dig out the box to remember what is in it.
After becoming impressed that it recognized some old and rare books, I wanted to test it to see how far it could go. I became a scanning fool. It knew almost all of my Sega Genesis games, as well as new ones like Guitar Hero III. There were a few misses -- I had to manually enter in my copy of Casino Royal.
I would scan wine bottles and it knew the list prices and facts about it. It knew computer paper from an office supply store, it knew the bar code of The Miami Herald, but it didn't know Tostitos.