Can be used to travel diagonally, getting over eventual gaps.
Can be used in combination with hover boots to travel one extra tile.
Can be used to travel over one tile of water or lava, as long as you don’t have flippers.
The tile on the other side of the water/lava can’t have a higher elevation than the water/lava.
Having flippers prevents damage boosting over lava, even if you do not have the goron locket.

You don’t actually have to take damage, just knockback in general.
In co-op the other player can throw a boomerang on you, and so on.