It gives you both chakra and physical sensory. Now in most case scenarios the physical is the primary sensing because essentially the CW gives you a mental map of everything present within it's range because u know everything within, so it's all you should need. Anything with physical form is known to you. However what if there is something intangible, without physical matter, like chakra. Thats where the second part becomes helpful identifying it and it's location. Now the chakra sensory cannot distinguish chakra nature, but if the jutsu has certain physical features like a burning flame that flickers and such you can argue that you know it's a katon jutsu or if it involves a bunch of rocks you can assume it's doton to a certain degree.
Both physical and chakra sensory happens together and there isn't a limit on it's usage however it comes with a decent 20 chakra per turn usage.
Unlike the sharingan which can't see through a think mass of chakra, this CW can tell you whats on the other side.
If your opponent draws a shuriken from his pocket and tries hiding it you will know it.
If your opponent pools a decent amount of chakra beneath you, you will know it
If there is a dog on your opponents back you will know that too.
anything from behind you or rain jutsu from above you aswell
And so on......
It's a very useful weapon, but is nerfed by it's range which is MID at most
Lastly it protects you from a headshot on your eyes and forehead upto s rank of course you cant freeform however.
Okay you've learned
I think i've covered most of what you'd ever need it for. Now give me the word and i'll go