Even if you don't intend on doing a second fusion, using this card is probably a good idea, as it allows you to salvage monsters at the expense of a monster that would have left the field anyway.
You can use this card to change one "Neos" fusion for another, as long as you have a different "Neo-Spacian" on the field.
This strategy also works if you have "NEX", allowing you to switch "Elemental HERO Aqua Neos" for "Elemental HERO Marine Neos". This is an especially good shift if you don't have "Neo Space" or "Instant Neo Space", because "Marine Neos" doesn't share the common weakness of "Neos" fusion monsters.
You could also use the above strategy to trade a level 7 "Neos" monster for a level 9 "Neos" fusion monster by adding the appropriate "Neo-Spacian" to the second Contact Fusion.
This card combos nicely with "Elemental HERO Air Neos" if your opponent has more Life Points then you do. You can use the effect of "Air Neos" to launch a powerful attack, and then you can use this card to deal two more attacks. Finish with the effect of Neo-Spacian Air Hummingbird, and the score should be much more in your favor.
Unfortunately, "Elemental HERO Divine Neos" does not list specific monsters as Fusion Materials, so you cannot conduct Summons after returning it.
Bear in mind that this card Summons the Fusion Material monsters listed on the Fusion card, not the Fusion Material monsters used in the original Summon.
Example: even if you Summoned the "Neos" fusion monster by using "Elemental HERO Neos Alius" with its name changed, you will not be able to re-Summon that "Neos Alius". On the other hand, you would be able to Summon "Elemental HERO Neos" even if you had not used "Neos" yet.
With the release of Miracle Contact, you could combine it with this card to attack with the fused contact Neos fusion then the two or three material monsters that made it in a single turn very quickly