You can also use "Different Dimension Capsule", as it is almost identical to this card except it hides the card. Be aware that if you use "Different Dimension Capsule", and it leaves the field before your 2nd Standby Phase, the face down card will not be added to your hand.
You can banish any "Dragon Ruler" to search your Deck for a Dragon of the same Attribute. Then, two turns later, you get the "Dragon Ruler" you banished for free.
In a Magical Explosion FTK Deck, use this card to banish "Magical Explosion" so you can mill through your Deck without having to worry about milling "Magical Explosion". Plus, you can add it to your hand after two turns, and "Gold Sarcophagus" can count towards another Spell for the burn you get from "Magical Explosion".
Use this card while you have a Tuner on the field and "D.D. Unicorn Knight" in your hand, you can momentarily banish a suitable card monster from your Deck and then bring it to the field with the effect of "Unicorn Knight".
Use this card in an "The Agent" Deck. Target either your "Master Hyperion" or another powerful LIGHT Fairy monster. Then, you can use "Miraculous Descent" or the effect of "The Agent of Miracles - Jupiter" (while "The Sanctuary in the Sky" is on the field) to immediately Special Summon that monster. If you use "Jupiter" to do this, this also has the added benefit of putting more LIGHT Fairy monsters in your Graveyard to fuel the effect of "Hyperion", which you can then Special Summon later.
Use this card in a "Kozmo" deck with "Kozmotown" already on the field. You can banish a "Kozmo" monster of your choice, then activate "Kozmotown" to retrieve that monster from your banished zone. This way, you won't have to wait two turns to get the card you want.
Use this card to banish a "Dark Desertapir" which allows you to special summon a level 4 or lower beast type monster from your graveyard. After "Gold Sarcophagus" adds "Dark Desertapir" to your hand use the card "Unicorn Beacon" to banish it a second time and summon another level 4 or lower beast type monster.