It's mostly an advanced building option. The reason I say it's advanced is because it stacks to become much stronger late-game, but leaves you quite weaker early game since much of your damage is being invested into later game. If you aren't careful, going Devourer will lead into a poor early game, which often leads to poor teamfight control lategame as well. Autoattackers generally don't have the best teamfight control, and will generally need careful planning to utilize the lategame damage appropriately. Only Warwick is a real exception, as he generally requires the item ( 5 fast procs while suppressing the enemy is pretty much the way to go).
As for the other enchantments, Juggernaut is good on tanks or mostly bruisers who deal reliable damage without padding AD/AP. Warrior and Magus concentrate on their damage, and all their effects start as soon as you buy it, so it makes for a quicker power item for quicker clear on most champions, plus better early ganks. Devourer is basically the gamble you hope will be successful in the endgame.
Also, if you can manage it, ranged junglers can do well with Devourer + Runaan's. Only thing is that it's quite expensive for jungler money at the moment, and ranged junglers have a rough time, too. Add a Bloodthirster, and your damage + sustain should become quite intimidating.