Vocabulary Files define keywords and group them into categories. A Vocabulary File can be shared with peers (friends, family, co-workers) to create a standardized vocabulary to avoid everyone tagging files with their own favorite synonym for a term (ex. one person tags "car", another "vehicle" and another uses "automobile").
The Full version of Media Purveyor lets you manage and use multiple Vocabulary Files which is ideal for keeping subject matter specific keywords separate. For example, you might have one Vocabulary set for describing "Family Photos", another for "Work Related", and another vocabulary for a hobby. Keywords can be selectively imported from one vocabulary to another to speed the situation where there is terminology overlap between fields.