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Let's say you need to plane a board down to 1/2" thick for a project requiring multiple pieces of this stock. You set the Repeat-a-Cut to 1/2 and crank the cutterhead down 'til it stops (you won't be able to crank anymore without serious jacking up the planer). This is a solid fixed-stop point. Fine, you plane it and there you go.
A week later, you are working on your project and you cut one of the boards wrong. Now you need another 1/2" thick piece. Rather than measuring, trial and error testing to get your new piece to the same thickness as the previously planed pieces, you just set the Repeat-a-cut to 1/2" and crank down. You should be within thousandths of an inch of the first board.
What it does is save you the time and wasted material of trial and error setting the cutterhead thickness setting.. which can take a decent amount of time and a lot of material...
One last tip. Don't trust the Repeat-a-Cut setting the first time you use it. Crank it down to your setting, but then measure the results (i.e. plane a piece of scrap and put the calipers on it). It's worth the peace of mind to validate each setting before you put valuable wood through it.
As an aside, all three of the settings I've used Repeat-a-Cut on were pretty much spot on (1", 3/4", 1/2"). Definitely within my tolerances for the projects.
I wish it had a 5/8" setting, since I seem to need that thickness a lot for casings and molding. :-(