I was reading Scott Meyers\' Effective C++ (third edition), and in a paragraph in Item 32: Make sure public inheritance is \"is-a\" on page 151 he make
Yup, there aren't many uses for protected or private inheritance. If you ever think about private inheritance, chances are composition is better suited for you. (Inheritance means 'is-a' and composition means 'has-a'.)
My guess is that the C++ committee simply added this in because it was very easy to do and they figured, "heck, maybe someone will find a good use for this". It's not a bad feature, it doesn't do any harm, just that no one has found any real use for it yet. :P