Oddly, due to the high usage of Spells, this card could be used in a Spellcaster themed deck, to effectively destroy your opponent's Spell and Trap cards. The most ideal card to discard would be "Magical Blast", giving you an opportunity to destroy a Spell or Trap card every turn.
An alternative tactic is using "Sword of Deep-Seated", as it will continuously return itself to the top of the deck. The downside is that it will slow your drawing power a bit, so it's a good idea to have cards like "Skelengel" or "Dark Mimic LV1" to boost your drawing power.
This card can actually be a fairly good substitute for "Breaker the Magical Warrior". For starters, this card only at 100 ATK less than a powered-up "Breaker", but does not have the ATK reduction after using its effect. Secondly, unlike "Breaker the Magical Warrior", this card can use its effect repeatedly, albeit once per turn, and does not rely on Spell Counters to refuel it so it can reuse its effect, making it more flexible.
This card works very well in a deck that relies heavily on searching out field spells with cards like "Terraforming", since once the appropriate field spell is in your hand, "Terraforming" essentially become a dead draw. This allows you to put the otherwise useless spell cards to use.
This card may be used in conjunction with "Cold Wave" for the following purpose: protect it from "Trap Hole" cards (or any S/T that may be used outside the Battle Phase to harm him) before using its effect to destroy face-down Spell/Trap Cards. This bypasses "Cold Wave" due to the latter not forbidding you from activating Monster Effects.