You can also get labeled as a jerk, and ostracized among your social group. You become known as "that guy.."

Often, it's more fun to use it to share an inside joke with someone, when you use it to criticize someone else.

When I give feedback, I like to preface it as a constructive criticism.

When something doesn't affect me directly, I prefer to just let it slide, than to deal with the blowback.

As with anything else, it's better to use it judiciously.