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It can be used when it is required to disseminate to same content to multiple peers. It is not restricted to files. It can also be used for live streaming, when it is required to disseminate the same stream (like a TV show) to multiple subscribers.
It can be used for load balancing, because all peers (seeders, leechers) contribute to the sharing process.
As indicated in above answer, it's generic. One developer is even using it to sync various databases. So pushing bulk database updates around using Libswift.
What kind of content is suited for use with this protocol? Bittorrent is basically filesharing only. Can it be used as a load balancing protocol?
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