Everyone has heard of it, it's theoretically comparable to the likes of VMware/Parallels desktop hypervisors, and it's cheaper. But just like spam (compared to ham), it's also obvious to anyone that's used both that it's by far the worse option, and there's very few reasons to use it besides cost, while there are numerous reasons to use one of the better alternatives.
In general, performance is significantly better with other hypervisors, but in particular shared filesystem performance (ie sharing a directory from the host OS into the guest) and features are lacking on virtualbox.
It's the default provider used by vagrant, and even the vagrant team recommend using a different provider for "any serious work".