I was thinking the same, is it if you want to replace multiple selections that have different content with the same replacement content. If so, it's not something I can think of ever doing, and in the few cases that I may want to, just do multiple search and replaces, or is there another use case?
It's what I'm wondering, too. Especially since refactoring support in IntelliJ IDE seems quite powerful, even for languages like Python that use a ton of strings.