This card can be activated in Main Phase 2 after you've already attacked, and the effect of not taking damage for the rest of the turn won't matter.
This card can be useful in an "Infernity" Deck, to reduce your hand to zero, or in an "Uria, Lord of Searing Flames" Deck, since all Trap Cards from your hand can be Set and remain with no cards to discard.
This card can also be used in a "Paleozoic" Deck as Traps can either be Set or send to the Graveyard to use theirs effects.
Even though it can only be activated 1 per turn, this card would still be very useful in "Exodia Library" Decks if run at 1. Due to most cards being Normal Spell Cards, your entire hand can be Set and be able to draw a maximum of 3 cards. While it does mean that if "Exodia" isn't finished during that turn, the strategy is ruined. It does offer a 3-card-draw; which, combined with the Set cards, is more than enough to draw the entire Deck out.
This card can be used with as well as help set up "Into the Void".
Use cards like "Pot of Duality" in the same turn as this card is used as they share the same drawback.