As the name says, this is evaporated milk, meaning that about 50% of water has been removed from milk, making it more concentrated. It can be used as fresh milk by diluting with an equal amount of water.
Adds creaminess to soups, stews, or pasta dishes and gives it a "round" taste.
Used undiluted, it can be used to replace cream to provide a less creamy taste. It is richer than milk, yet lighter than cream.
Evaporated milk smooths and balances fatty dishes such as stews.