Applications of Govorov-Lazard Theorem?

The Govorov-Lazard Theorem states that a (right) module over an unital ring is flat iff it is a direct limit of finitely generated free (right) modules.

I wonder if this theorem has interesting applications ?

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Continued at MO: mathoverflow.net/questions/127769 –  Martin Brandenburg May 5 '13 at 8:15