After spending about 50 hours reading the documents and attempting to implement some of it, I have a general idea what JSON-LD is.
I wasn't really trying to achieve anything, so I basically quit once something seemed opaque enough I couldn't figure it out in a short period of time. When I visited the JSON-LD Test Suite page to see what implementations are expected to do [0], I found:
> Tests are defined into compact, expand, flatten, frame, normalize, and rdf sections
I had a hard time figuring out what each of these verbs meant, and they were about all that the various implementations I found did. For example, the term normalize doesn't even appear in the JSON-LD 1.0 specification [1]. shrug I'm sure I could have figured out more if I spent the time to actually read the whole thing and all the related documents.