It's basically a list of free to play games, and it adds to your library - most of the games won't count toward your games count.
Might be useful if you want to create a fake steam profile and want it to have a couple games in it, you can set your games list as private so they can't snoop around to see it's free games.
I suppose you could use that account to do black hat steam trades, but not really a whole lot.
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