It's a database for strictly exact-match lookups for very read-intensive workloads; think systems where the database only changes when the configuration changes, like email alias or domain lookups. It's very simple (a first-level hash table chaining to a second-level open-addressed hash table) and easy to get your head around, but also very limiting; an otherwise strict K-V system that uses b-trees instead of hash tables can do range queries, which you can build a lot of other stuff out of.

Most people would use Redis or SQLite today for what CDB was intended for; CDB will be faster, but for a lot of applications that speed improvement will be sub-threshold for users.