The strength of the format is that it lets JavaScript programs serialize values without thinking about reducing types down to the subset that JSON supports. A weakness is that all the quirks of JavaScript's types need to be exposed by another language deserializing it, so it's certainly not ideal as a general-purpose format, just when ease of use from JavaScript is a priority.
This library lets Python programs work with JavaScript values by reading and writing this serialization format. As well as encoding/decoding the format itself, the library implements Python types that replicate the behaviour of JavaScript's Object, Array, Map, Set, etc, so that values can be round-tripped faithfully and quirks like JavaScript's sparse arrays don't cause Python to allocate massive contiguous lists.
I made this in an unplanned yak shave when setting out to write a client for Deno's KV database in Python. I'd assumed it was just storing JSON-encoded values, but I quickly realised it could round-trip all the regular JavaScript types, like Date & undefined, and realised it was using V8's value serialization format to store values at rest.
I'm now back to implementing a Deno KV client using this library. It can imagine it could also be used for other things, such as having a Python program act like a JavaScript Web Worker, receiving JavaScript values from postMessage()-like calls. Or perhaps could be used to preserve full JavaScript types in something using Python in the browser (in conjunction with a pure-js v8.serialize() implementation, like https://github.com/worker-tools/v8-value-serializer).
1: https://h4l.github.io/v8serialize/en/latest/explanation/v8_s... 2: https://github.com/v8/v8/blob/main/src/objects/value-seriali...