Xray and Dask: Out-Of-Core, Labeled Arrays in Python
continuum.io
continuum.io
For interactive analysis or building statistical models, you probably do indeed still probably want your data fit in memory. But often it's most useful to make your data smaller by calculating some sort of summary statistics instead of subsampling. For example, if you're interested in climate change, you might want to work with monthly means instead of the original daily or sub-daily data. Currently, climate scientists usually do this sort of thing with command line tools.
As for machines where datasets fit into memory -- that's also great, if you have access to them. But even then, for most operations numpy will be limited to a single core. Calculating the mean of 51GB of data is still pretty slow, even if it already is in memory. Your machine with 256 GB of memory almost assuredly has 32+ cores to go along with it, and it's a shame to let them sit idle.
This post by Nikolay Koldunov gives some more context about the value of dask.array for weather data: http://earthpy.org/dask.html