Murray and I presented a session at Drupal Camp Sydney 2014 on the Paragraphs module. The presentation had a demo, lecture and a bit of roleplay. We talked about the benefits of chunking content and how Paragraphs could be used.
The Paragraphs module allows you to chunk content together into "paragraphs". Each paragraph type can have its own set of fields. For example, you could have a paragraph type called "List" with an entity reference field that allows you to select and display articles. Once your paragraphs are created you can reorder them by moving them up or down.
To cut a long story short, the module gives editors an amazing amount of flexibility without giving them too much control to break things.
With that said, here are our slides from the presentation: