It has all kinds of possible uses, but one of the best was what I used it for yesterday. I was turning under a neckline on a very little garment (possibly for a certain American Girl doll) and pressing it as I went. It was only a ¼" fold, and pinked at that, so turning it was a challenge, not to mention pressing it without burning my fingers. That's where the stiletto came into use. I folded over the edge, then used the stiletto to hold the fold while I pressed it.
No burned or steamed fingers - hurray! I used it all the way around the neckline. It worked like a charm!
The only hard part was taking the pictures! I could've used another hand or two for holding the stiletto, the iron, and the camera. :)