There is a difference between this card and "Magical Mallet". If your opponent Chains to this card's effect with a Spell/Trap destroying card, and destroys this card, your shuffled card will be left in the Deck. "Magical Mallet" shuffles as part of its effect though, and doesn't have this risk. On the off-side, this card can use its effect multiple times.
This card works well in a "Gladiator Beast" Deck; "Gladiator Beasts" cannot activate their effects if Normal Summoned (particularly Secutor), so using this to return them to the Deck is a good option.
This card works well in an Exodia Deck because with all the cards you would use to draw cards, you would always have a card to shuffle back into the Deck for a possible chance to draw another Exodia piece.
Use this card in conjunction with "Malefic World", after using its effect, if your opponent chooses a "Malefic" card that doesn't help you, during the Standby Phase just shuffle it back into the deck and draw a new card.