This card is also a good option for Dragunity decks. You can tune it with "Dragunity Phalanx" for an easy Synchro Summon of "Trident Dragion". To do this, simply Normal Summon "Dragunity Dux", get Phalanx onto the field with its effect, and tune Phalanx and this card for Trident Dragion. You can then destroy Dux and another card (you can even choose "Dragon Ravine" if you need to) to gain two extra attacks with Trident Dragion's effect for a possible OTK. Considering the speed and consistency of Dragunities, this can be pulled off quite early in the duel.
This card is also good in its own right with Dragunities - with a Summoning cost that is relatively easy to fulfill, it provides a decent offensive presence, has great synergy with many of the key Dragunity cards, and protects your "Dragon Ravine", which is one of the the main engines for Dragunity builds.
This card is great in Decks that rely on a Field Spell Card being active, such as "Earthbound Immortal" Decks, and particularly in Decks using "Earthbound Immortal Chacu Challhua", as you do not have to attack with it to inflict damage and your opponent cannot attack, making an attack lockdown that's protected by this card's "Field Barrier"-like effect.
Summon this card in Defense Position if you are using "Black Garden" for decent Life Points protection. "Malefic Stardust Dragon" will protect "Black Garden". "Black Garden" in turn will reduce the ATK of the opponent's monsters so that they are not enough to destroy "Malefic Stardust Dragon", unless the Summoned monster has over 4000 ATK.
However, if "Skill Drain" is removed from the field, "Malefic Stardust Dragon" will be destroyed.
It also helps to have two "Stardust Dragon" in your Extra Deck; Synchro Summon one and remove the other for "Malefic Stardust Dragon". Since your opponent cannot destroy Field Spell Cards to get rid of "Malefic Stardust Dragon", they may try and use other cards (like "Lightning Vortex") to destroy it (which the regular "Stardust Dragon" can prevent).