This card can be very useful in Yusei Fudo-style decks, given the high number of Level 2 monsters that are retrieved from the graveyard. Note: This can allow you to easily Synchro Summon a variety of monsters if paired with a "Synchron Explorer" summon.
Note that the cost to summon this card from the Graveyard from its own effect is to send the cards to the Graveyard, not discard. Thus effects of monsters such as "Fabled Krus", "The Fabled Cerburrel", "Fabled Lurrie" will not activate. Thus it is advised that you send other cards such as "Fabled Kushano" or "Level Eater" in order to make the least loss.
By sending 2 "Level Eaters" to revive "Fabled Soulkius" and Normal Summoning "Fabled Kushano", you will have access to summoning monsters level 4, 5, 7, 8 and 9, though it is advised to summon "Fabled Ragin" if you are in need of a hand.