This card is quite possibly the most devastating card for Frog decks, as the Frog's ability to swarm the field and its ability to reset itself each turn means you can clear the field of the opponent's monsters each turn for a full-out direct assault, especially when combined with "Unifrog", which can take care of the opponent's Spells and Traps.
"Vengeful Bog Spirit" works very well with this card, allowing it to re-use its effect without letting your opponent attack it while it's face-down on the field.
A player can use this card's ability to flip it face-down and then Flip Summon it in the same turn (the Flip Summon would be the 'one position change per turn'). This would save you from having this monster in defense position where "Wetlands" would be unable to help keep it around but this cannot be used after this monster attacks in a turn because you cannot manually change (the Flip Summon) the position of a monster that attacked.
When Flip-Flop Frog is attacked while in face down defense position, its effect would still be activated, because the card is still flipped face up.
Use this card to abuse "Lava Golem's" effect every possible turn. Tribute away two of your opponent's monsters, then bounce it back to your hand by flipping this card face up (usually by Flip Summon), then use this card's own effect to flip itself face-down.
This is an ideal choice to return with cards such as "Call of the Haunted", "Graceful Revival" and "Limit Reverse" because once you activate the effect of placing it face down, the link these cards have which would destroy the "Flip Flop Frog" is broken. An interesting side note on that is while those cards remain on the field they can be returned back to your hand with "Giant Trunade" to be reused.