The 'buffers' package provides a comprehensive set of buffer utilities and data structures for Node.js, extending the built-in Buffer class. It offers tools for efficient manipulation of binary data, including advanced slicing, dicing, and inspection. It is particularly useful in network programming, file I/O, and data serialization where meticulous control over binary representations is needed. This package offers a more robust approach in managing binary data when compared to the native JavaScript arrays or simple buffer operations.