You can use it both in lives, where you need the stage lighted correctly with color floodlight, and in large DJ events, where you need colorful lights, strobe effects etc
I own 12 of these and I?m thinking of buying 4-6 more. You can also find cases (Thon) for 4-6-or-8 of these. In my opinion case of 4 (and maybe the 6) is the best solution for transporting your equipment safely (the case for8 is ?big? and heavy. Prefer the smaller!).
The LED board is a little bit sensitive, but if one of your leds get burned you can buy a new LED board with 15$, so it's ok