SQL, Postgres OIDs, What are they and why are they useful?

Question

I am looking at some PostgreSQL table creation and I stumbled upon this:

CREATE TABLE (
...
) WITH ( OIDS = FALSE );

I read the documentati

Answer 1

OID's are still in use for Postgres with large objects (though some people would argue large objects are not generally useful anyway). They are also used extensively by system tables. They are used for instance by TOAST which stores larger than 8KB BYTEA's (etc.) off to a separate storage area (transparently) which is used by default by all tables. Their direct use associated with "normal" user tables is basically deprecated.

The oid type is currently implemented as an unsigned four-byte integer. Therefore, it is not large enough to provide database-wide uniqueness in large databases, or even in large individual tables. So, using a user-created table's OID column as a primary key is discouraged. OIDs are best used only for references to system tables.

Apparently the OID sequence "does" wrap if it exceeds 4B 6. So in essence it's a global counter that can wrap. If it does wrap, some slowdown may start occurring when it's used and "searched" for unique values, etc.

See also https://wiki.postgresql.org/wiki/FAQ#What_is_an_OID.3F