Much like the solid version, Kato Liquid Polymer Clay has great strength and flexibility. It can be used for tinting solid clay pieces, sealing & varnishing your finished polymer clay projects, or creating thin translucent sheets for a stained-glass effect. Solid colors can be mixed together, or with opaque white to make opaque colors. Try adding mica powders for a shimmering effect.
Both Blue Bottle Tree and Jessama Tutorials have some great introductions to using liquid clay that will help you get going, or jumpstart the inspiration for a whole new project.