This card has an advantage over "Skill Drain" in that it can be used to negate the effects of a single monster, as opposed to all monsters on the field. It also can be used from the Graveyard (albeit only during its owner's turn), where it is difficult to negate.
Feel free to discard this card via the effect of a card like "Golden Upstart Ninja", as this card's second effect will still be able to be used.
Also like any card which can be activated from the Graveyard, "Lightsworn" Decks profit from it.
If your opponent chooses a monster with "Last Turn" whose effect prevents Special Summoning("Jowgen the Spiritualist", "The Last Warrior from Another Planet", etc.), you can negate that monster's effect with this card, allowing you to summon a monster with "Last Turn's" effect. You can use this card's second effect to do so, assuming it was sent to the Graveyard on a previous turn.