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ResidentialNew home, lost keys, an ex with a key, a tenant moving out: rekeying swaps the pins inside so only the new key works.

Rekeying keeps your locks and changes the key. It's the quick choice when the hardware is in good shape. Worn or weak locks are better replaced.
Front, back and side doors can be set to one key, so you carry one instead of four.
Landlords and property managers: rekey between tenants is standard practice and cheaper than new locks every time.
Most standard house locks, yes. Some patented high-security brands need parts from the maker.
Yes, new keys are cut for every lock rekeyed.