What is Keybase good for, anyway?

UPDATE - 20170228 - Added more stuff I've discovered about KBFS.

A couple of years ago you probably heard about this thing called Keybase launching with a private beta, and it purported itself to be a new form of public key encryption for the masses, blah blah blah, whatever.. but what's this thing good for, exactly?  I mean, it was pretty easy to request an invite from the service and either never get one, or eventually receive an e-mail and promptly forget about it.  I've been using it off and on for a while, and I recently sat down to really mess …

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