As odd as it may sound, I use this stuff to label things like pencils and pens so I can locate them when I set them down, especially my pricey Wacom pen that has a tendency to disappear on my desk. Attaching a small pink flag to it makes it much easier to find. I also use this to mark non-food containers to avoid mixing them up and to label items in boxes. The tape is easy to write on, and the markings don't rub off.
However, it's important to note that this is definitely not duct tape, so don't attempt to use it to hold your car together—it won't work. On the bright side, the reflective colors make the parts easy to spot in the dark.