< User:This, that and the other

This is what needs to happen to files tagged with {{keepLocal}}, depending on the reason given in the template:

Flickr license changed after local license review
These images can't be transferred to Commons, since the folks over there don't accept our local license review system. These files must be kept locally.
Tag these files with {{KeepLocal/Flickr}}.
FOP/Freedom of Panorama
Commons does not accept files that are unfree in their country of origin. However, we may keep files that are free under US law, even if not free in the country of origin. This means we can keep all photos of buildings, no matter where they are located.
However, photos of sculptures/public artworks still under copyright are unfree even in the US, and we can only keep them if they satisfy the non-free content provisions.
As you can see, this is a complex legal situation, and it may best be left to the experts. See also commons:COM:FOP.
Tag files that are free in the US but non-free in country of origin with {{KeepLocal/US-only}}.
Derivative work/Copyright/Corporate logos
These images may be eligible to be kept under the non-free content provisions. If they are ineligible under these rules, they will have to be deleted.
User page images
These can actually be moved to Commons; see the second paragraph of commons:COM:SCOPE#File_in_use_in_another_Wikimedia_project.
Used in a joke article
It is probably best to leave these images uploaded locally, especially if they have no realistic educational purpose (like File:Flaccid peninsula.png).
Other reasons
If it just says "sculpture" or "art", etc. it may be referring to FOP (see above). Otherwise, use your judgment. If in doubt, leave it local and do not copy to Commons. Or send it to VFD for more opinions on copyright, etc.