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Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in anyway.
It can be very useful in many many cases. For example, you're designing DWH over a system and you're looking at a certain field in one of its tables. You want to know which values this field contains, but fetching "select distinct my_field from my_table" takes too much time. Instead, if you believe know that the data is well distributed, you can use "select distinct my_field from my_table where rownum <= n". Use 1000 for n in the first trial and add one zero in the end of the number n every time until you got a query that takes too much time than you want to wait. after you got the n you can live with, can use the values you have in your query result.
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