The use case that drove its development was needing to keep track of UUIDs across multiple logs - and grep --color will colorize its matches, but not differentiate between ones that have different content. With this, I could watch both logs as data was passed from one to the other and keep track of e.g. the orange one.
I also thought it would be nice to be able to use patterns from logstash's grok, so I wrote grokpat[2] to find patterns for me. A lot of grok's patterns use atomic groups, which aren't available in Python 2, so I wrote redi[3] to convert them from grok's syntax to Python compatible syntax.
So I can now colorize logs easily as follows:
tail -F program.log | synesthesia "$(redi "$(grokpat uuid)")"
[1] https://github.com/cromo/synesthesia
[2] https://github.com/cromo/grokpat
[3] https://github.com/cromo/redi