One other thing to consider with carbonation, part of the protection given to embedded steel reinforcement is derived from the high pH of the concrete. When calcium carbonate forms, and the pH lowers as mentioned by Ron, thus the protection given to the reinforcement is dramatically reduced.
Therefore when checking the depth of carbonation you are also looking to see how much protection is still being given to any reinforcement wihtin the concrete. It is possible to calculate the rate that carbonation is forming and relate this to life-span of the structure. The rate at which carbonation forms is related to the quality of the concrete, not just strength but also porosity, cement type etc...
It is a very smle tool in assessing structural concrete.