I think it can be nice when most of the content is static and there are a few flourish animations tied with scrolling. But IMHO any time any notable portion of content is being animated it is distracting at best or hurts the ability to read at worst.
And never use it for anything important, or that I might want to go back to multiple times.
This site is probably an example of a bad use case, cause it's the front page and I can't access the links without scrolling. Not to mention that it's broken on my device.