It's about 2.333 ounces of pure beeswax, and it's good for lots of things. This was the first item we ever sold, back on January 4 of 1995. It is good for lots of things on and off the bike, and your life will be improved just slightly by having a tub of it around.
On the bike, use it on all threaded surfaces, where it acts both as lubricant and anti-loosening stuff (like loctite). For instance, chainring bolts, threaded pedal dustcaps, headset locknuts, and bottom bracket cups.
Off the bike, it strengthens string, so if you're hand-sewing on a button, use it. Put it on screws and nails to help them penetrate better. On shoelaces, so they'll stay tied.