At 400 Mbps each receiver can clock a 200 MHz DDR signal or a 400 MHz SDR stream. That's enough for a 24-bit colour video link at 1080p60 over a single differential pair, or a multi-gigabit aggregate backplane when you parallel channels. The LVDS signalling keeps the edge rates clean and the EMI low, which is why this part shows up in camera serial interfaces and high-speed data acquisition.
If you need a production-run alternative, the DS90LV028 family has a non-obsolete sibling in the same 8-WSON footprint; check the FAQ for the pin-compatible replacement.