Tributing a high-ATK Dragon such as "Blue-Eyes White Dragon" will all but guarantee destruction of all other face-up monsters. However, if your opponent doesn't use monsters with high DEF, Tribute a monster with lower ATK instead.
Also, be aware that your own monsters can be destroyed by this card as well.
This card can be used in a "Hieratic" Deck since all the monsters are of the Dragon-Type.
This card works great when used with "Curse of Anubis". When that happens, every face-up Effect Monster will have a DEF of 0, leaving those monsters helpless when "Burst Breath" activates.
"Light of Intervention" will also help, but it has to be active before the monsters get Set. On the other hand, its effect lingers, so wait and look for just the right moment to activate "Burst Breath".
This card is very useful against monster swarming tactics, so it can be used to great effect against Decks like "The Six Samurai" or "Gladiator Beast" Decks.
Note that, unlike "Torrential Tribute", your moment can be choosed for activating this card (as long as you have a monster to Tribute).
Another strategy is activating this card in response to your opponent's "Mirror Force" or other destructive card. Since your Dragon would be destroyed anyway, Tribute it to wreak more damage.
Use "DNA Surgery" (or "D. Tribe" if needed), then Tribute a monster such as "Dark Paladin" for this card. By making your monster a Dragon, this card can easily gain fuel; by making your opponent's monsters Dragons, the ATK of your Tributed monster can be increased enough that none of them can withstand this Trap.
Use this card as an alternative to "Dark Hole" when running a Dragon Deck. Instead of destroying all your own monsters (depending on their DEF), one monster can be Tributed to clear your opponent's field.
You may Tribute a "Red-Eyes" monster for this card's effect, then use "Red-Eyes Spirit" to resurrect the Tributed Red-Eyes to land a direct attack. This works wonders if both Trap Cards are activated during your Battle Phase.
If you happen to use a Gemini monster for this strategy, using "Red-Eyes Spirit" assures that you may Normal Summon the Gemini Red-Eyes monster during your Main Phases and apply its effect.