I write most of my code in Python. I think that's give me a leg to stand on when it comes to discussing OOP.
I find that classes, if nothing else, are a fantastic way to namespace data and methods that operate on said data. For instance, if I have a chair object, I could use a class to describe the chair. I could store the materials it's made out of, the height of the seat, whether it is an office chair, a barstool, or something else. I could also write methods that can say, price the chair based on data about the chair.
In this particular case, I wouldn't subclass the chair at all. There's no point. Every time I need a chair, I would just create a new instance of Chair. That's why chair is an object. It's a self contained thing that I can pass around and pull data out of or mutate.
I don't really use deep inheritance at all in my code. I think the deepest I've ever subclassed something is once. I find inheritance to be useful if I need to be able to create multiple objects that deal with very different things, but perform similar operations on them. A good example of this is Django class based views(it's own controversial topic). I created my own resource class to use for handling API specific requests. The methods of pulling filters out of the query string and serializing database objects are exactly the same for every single request, but the objects that these classes operate on are vastly different. Therefore, I need to specify a serialization schema for each database object type, but I don't necessarily need to rewrite the function that does the serialization. I use my Resource class in order to more easily re-use these generic methods.
Just my two cents.