And on top of that, are there cases where one has to use the global assembly cache or where one cannot use it?
If you're shipping a reusable library consisting of multiple assemblies, but only few of them form a facade, you can consider installing the assemblies into GAC, if the package is installed to developer's PCs.
Imagine, you ship 6 assemblies, and only one of these 6 assemblies contains a facade - i.e. other 5 are used only by the facade itself. You ship:
Developers using your project would like to reference just MyProduct.Facade.dll in their own projects. But when their project runs, it must be able to load all the assemblies it references - recursively. How this can be achieved? In general, they must be available either in Bin folder, on in GAC:
Note: last option doesn't make you to do the same while shipping the project to production PCs. You can either ship all the assemblies within Bin folder, or install them into GAC - all depends all your wish.
So the solution described shows the advantage of putting third-party assemblies into GAC during the development. It doesn't related to production.
As you may find, installation into GAC is mainly intended to solve the problem of location of required assemblies (dependencies). If an assembly is installed into GAC, you may consider it exists "nearby" any application. It's like adding path to .exe to your PATH variable, but in "managed way". - of course, this is rather simplified description ;)