Keep in mind that this card banishes Archfiendcards, not necessarily monsters. Thus, for example, you can use "Archfiend's Roar" to Special Summon this card, then banish "Roar" to destroy a card your opponent controls.
You can even summon two copies of this card in one turn this way.
If this card destroys itself in the End Phase by its own effect, it can trigger the effect of "Pandemonium", allowing you to search almost any "Archfiend" monster from your Deck. This works well with "Supply Squad" as well and even starts a chain if both "Pandemonium" and "Supply Squad" are on the field at the same time.
This card could work well in a Skill Drain Deck. Keep in mind however that any cards that negates it's effects such as "Breakthrough Skill" will not prevent it's own self destruction if you normal summon without tribute.