Loaf is the third most common still life in Achim Flammenkamp's census, being about a third as common as beehive but only slightly more common than boat. It is also the fifth most common object on Adam P. Goucher's Catagolue. It is the most common 7-bit still life, being more common than the long boat. The V-pentomino turns into the W-pentomino after one generation, which then turns into a loaf after two more.
A loaf has a partial eater property: certain collisions can destroy the upper rightmost two cells (in the orientation shown in the picture), after which the remainder of the pattern will evolve into a new loaf, flipped 180°. Eater 3 is an actual eater making use of this reaction.
A similar reaction to this involves a block "eating" a loaf, similarly to how the beehives in the queen bee shuttle are removed; stabilising this can be used to construct the Baker's dozen.