This card is a great counter to an Arcana Force Deck. It also useful against high defense decks such as Rock Decks.
Against opponents who use decks that have monsters with relatively low DEF, however, this card does less burn damage than its original version's Piercing Damage would do. If your opponent is using a card effect like "Spirit Barrier" that prevents battle damage, however, this card's burn damage (and Life Point gain) will be quite useful.
If you have this card on your field when you clear the field, with a card like "Black Rose Dragon", you'll both clear the field and attack your opponent's life points directly with the non-/Assault Mode version of this card.