I use it to lubricate machine parts at times. Also good coating for rust protection like the sockets of outdoor bulbs or tools in storage. There's better products for skin protection. Years ago it was commonly used for infant diaper rash, but again there's better products for that now. I don't think I've ever used it on my body, it's made from petroleum so it's really just highly refined axle grease.
Edit: In fact after a quick research, I can't really find the difference between a 14$ tiny tube of dialectic and a cheapo massive vat of Vaseline. Guess I should get some for the shop.
It works great for that. It's also good in automotive for bulb sockets, I've used it for that as well. It's amazing actually, slop some in a socket and next time you pull a bulb it will still look brand new, even if not well protected as the case with antique cars. You would think it might interfere with electrical contact an Vaseline is completely non-conductive, it doesn't seem to at all. You can also use it on car battery terminals and it will completely stop any corrosion, however I actually use 90W gear oil on those since it attracts less dirt and works as well.