I usually don't go in for super-specialized craft tools like this. I mean, it makes heart-shaped punches, and that's it. I only bought it because last year I needed it to make wedding invites and thank-you cards, and I figured it was worth the $10 or so to do that.
But I've found a couple of other surprising special-occasion uses for it. I used it to make little tags for the hostess gifts at my shower. Also it has been great at Valentines Day.
Last year I used it to cut lots of little hearts out of cardstock (actually, I think they were the ones left from cutting heart shapes out of the invites and thank-you cards). On each one I wrote something I admired about Brandon, and I put them all in a little tin box. Oh yeah, with a little vintage trunk key and a note that said "Keys to my heart". (It's funny, I am not usually so sappy romantic.)
This Valentines, I used it to make a card for Brandon (the photos are cut out from a leftover copy of our engagement photo), and then I made lots of little heart shapes from recycled greeting cards and on the back of each one wrote a coupon, for example "one chicken fried steak dinner". I saved three bucks on a Hallmark card, but I will definitely pay it out in sweat. :)