Have two or three Magician's Valkyria on your side of the field when you activate this card. The Magician's Valkyrias' effects will protect each other from attacks from your opponent, and you'll be able to do at least 400 damage each turn.
This card is especially useful in decks that use Spell Counters, since most of these are Spellcasters, you'll have a readily re-usable spell card in order to add Spell Counters to your monsters, while also doing damage to your opponent.
Using Royal Magical Library with this card can help make up for giving up your draw, especially if you have more than one on the field.
This card is basically a reusable discard cost. Make sure that you time your discard effects accurately, for you can only use this cost once per turn.
This card can work nicely in a Tempest Magician deck. With a field full of Spellcasters that gain Spell Counters whenever you activate a Spell Card, especially Magical Exemplar, you can deal up to 1000 damage with this card's effect and generate a sizable load of Spell Counters for Tempest Magician to deal even more damage with, and then retrieve it with its effect to do so again next turn. With 3 Exemplars and 1 other Spellcaster with the proper effect out, such as Skilled Dark Magician, this card can let you generate up to 5000 damage in 1 turn.
Use this card with Endymion, the Master Magician. By putting this card in your hand instead of drawing you have the option of discarding it to destroy one card on the field or just use it to deal damage. This will also prevent you from Decking out.
This card prevents you from drawing, which is helpful when facing Milling Decks. This card should be sided, especially in a Lightsworn Deck.