A common example of a slowly changing dimension would be a Person table. When storing information about a person, you’ll often store attributes such as name, address, marital status, date of birth, and social security number. Depending on the domain in which you’re working, you may even store extended information such as hair color, eye color, homeownership status, and income level.
Some of these attributes would certainly change over time. Since the average person moves 11.4 times in their life, you can expect that the address component of your Person table will need to be updated. The same applies to name attributes, since people often change their names after marriage or other life events. By definition, the load process for a slowly changing dimension table would update those attributes when they change.
I’m not as big a fan of the concept as Tim is (mostly because the date is a system time, not an application time, so fixing dates is not an easy problem), but it’s an interesting idea.