This feature helps not only delaying expensive calculations, but is also useful to construct mutual dependent or cyclic structures. E.g. this leads to an stack overflow:
trait Foo { val foo: Foo }
case class Fee extends Foo { val foo = Faa() }
case class Faa extends Foo { val foo = Fee() }
println(Fee().foo)
//StackOverflowException
But with lazy vals it works fine
trait Foo { val foo: Foo }
case class Fee extends Foo { lazy val foo = Faa() }
case class Faa extends Foo { lazy val foo = Fee() }
println(Fee().foo)
//Faa()