Avoid flipping "Man-Eater Bug" while your opponent has no monsters or you'll have to destroy one of your own.
It is generally considered better to play "Old Vindictive Magician" than "Man-Eater Bug" because Spellcasters have arguably more support, and "Apprentice Magician" is insanely easy to play. After having any number of "Apprentice Magician" destroyed by battle, simply summon a "Old Vindictive Magician" to destroy the monster giving you trouble.
A small advantage that this card has over "Old Vindictive Magician" is that if you are being affected by a card such as "Ground Collapse" and need to clear a space in order to summon something such as "Breaker the Magical Warrior" to destroy "Ground Collapse" you can have Man-Eater Bug choose to destroy itself or any other monster you control.
Using "Verdant Sanctuary", you can add another copy of this card to your hand from your deck as soon as the first one is destroyed, provided it wasn't destroyed while face-down.
Use this card to destroy "Yubel", so you can Special Summon its advanced forms.
Flip summon this card to get rid of the "Lava Golem" that your opponent gave you.
You can use "Book of Moon" for Flipping this card face-down again