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"As is".

I often run into sentences which have this little formula. Can you please shed some light on the function of it? As I understand it is basically "as it is", but always have a feeling that I am missing out on some subtle meaning and/or that there is not a perfect consensus regarding what it is for - but that's just my guess.

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It is not used very frequently, and I would normally use it myself only very casually. It does mean as it is, but occurs only in certain contexts. Someone selling a used car, for example, might say 'You'll have to take it as is', meaning that the seller won't be responsible for any faults it may have.

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