Parent child is very obvious for things like terminal strips. Parent is X1, Child is all the terminals on the strip.

Dragging and dropping components on the component tree, you can create a similar relationship for other components as well. For Example, I could have one component representing a PCB, and put child components of connectors on it. My thoughts are, that it could represent the connectors mating to the PCB or the connectors mounted on the board.

Does this actually get me anything other than a more organized component tree? Anyone do stuff like this and find weird/unexpected behavior as a result?