It's also very handy for stealing things out from under people's noses. If you want something that is in plain view of the person who owns it, pick up the item with the move key and walk somewhere out of their sight, THEN steal it. People don't usually seem to mind you moving their stuff around, and if you steal it out of their line of sight, they don't come after you.
exactly. I believe this is the only method of obtaining a plasma caster before you are powerful enough to kill everyone inside the silver rush if you're going for "gang's all here" achievement.
I'd also add that it's VERY useful for taking a non-owned item like a lucky star cap that's sitting right on top of and next to other, marked as theft, items without risking a misclick that gets your head blown off or draws the ire of the entire NCR down on you.