Think of it as a JWT that you can narrow down the authorizations for without needing to communicate with a server, so if you have read permissions to all your photos you can add a caveat saying `photoid=123456` and share it, and the recipient can only read the photo 123456. The caveats can be anything, including requiring third party authentication via third-party caveats. I've implemented systems with it being validated by a lua module in nginx which worked well, but the whole concept never took off.
I still think it seems like one of the most interesting authZ strategies around.