I've never seen this flour before, so I bought it, without any idea what it's used for. The package says it is for everything from cake to pizza, which doesn't sound likely.
What is Tipo 00 good for?
Its ideal for pizza
Use it for pizza and pasta.
The "00" refers to how fine the grind is. The flour is basically all-purpose ground really fine.
What is it about extra-fine that particularly suits it for pizza?
I guess it could be argued that the finer grind gives the dough a smoother texture. Since pizza dough is a lower hydration it also makes working the dough initially easier. I have made pizza with 00 and all-purpose and cant see much of a difference. I like using a 50/50 blend of AP and durum, same mix I use for pasta. Again low hydration the 00 flour makes distributing water quicker than an AP flour. This is just my opinion though.