It's got such a pleasing sound to the ear, feels nice in the mouth when you say it, and even looks pretty nice on the page.
It means something in an advance state of use, with connotations of neglect or disrepair, and is often used to describe things that would be thrown away were they not rendered nessesary by being the only option.
To me it evokes urchins, rags, wildflowers, and a little bit of magic.