Just using two of the three nails on the spool knitter, produces a smaller square shaped and flexible paracord braid, compared to the larger round one made by using 3 nails. This is the same result one would get using a lucet.
When finished with the braid for a lanyard, I usually make a small loop and finish with a lanyard knot and loop on each end.
A shorter length can be used as a simple fob for use with a knife, flashlight, multitool, key ring, key chain, etc...
This short video shows how fast the braid can be unraveled if you need to take apart your braided paracord lanyard/hatband/belt for quick use.