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They're also useful for buffer/overflow purposes. An example (same works for gas reservoirs and it's the same principle) would be natural gas. You want to pump it out before the vent overpressures but you don't need it all at once. Pump it into a series of reservoirs on the way to natural gas generators, you'll only use what you need, you'll maximize the vent by not overpressuring and the stored gas will help get through dormant periods.
Edit: That said, it's always situational, sometimes dumping it into a pit (or a sealed room in the case of gas) is the better choice.
Edit 2: Another very common use: liquid reservoirs (with automation) in a sealed room filled with chlorine gas are the best way to remove germs from water.
As others have said the point of the reservoir is the free pump in its output. You are essentially storing the liquid in the pipe system so that you won't have to pay 240W to pump it back in again.
Also reservoirs need only input pipe to be connected to be able to store. If you don't want anything to be output then don't connect pipe to output port.
Edit: And as has already been said, you do not need to let the liquid immediately exit the tank, you have multiple ways of accomplishing this.
Besides the point. The fact that the reservoir works as a "blender" of different temperatures is my point here. Use that function as you please in your setup.
Edit: Another very good (crucial) use for a reservoir as a "blender" is in a oil cooled metal refinery coupled with the steam turbine:
-Using shutoffs the hot oil from the metal refinery has priority to avoid clogging and goes straight to a reservoir. Here it will blend with the cooled oil from the steam turbine, ready to be used as coolant again. (800 liters + minimum 400 liters for continuous operation)
Edit II:
Use the blender for 0 extra power cost for safe plant watering if you have both ice cold and hot water.
Tanks are capable of storing excess to account for uneven supply, but they also have a lot of other applications, Working those out is part of progressing from a new player to an experienced player - good luck on your journey.