"To put it plainly, it's a patent that can be obtained without examination." → It's a great!
The patent right is an exclusive right, but if you register a utility model right, you can get the exclusive right without examination, just like a patent. However, life is not that easy.
Due to these many disadvantages (especially the liability for damages is large), the number of applications for registration of utility models is not very large. If you want utility model rights, you need to devise a combination with design patent.