You can have this card attack a stronger monster, then activate Damage Condenser to special summon any non-Nomi monster, with ATK less than or equal to the damage your Life Points took, from your deck. Then use that monster to destroy the weakened enemy monster.
Part of what makes this card so valuable is that it allows you to eliminate enemy monsters without targeting, destroying (by card effect), or banishing. This makes it useful against "Hazy Flame", "Monarch", "Egyptian Gods", and many other archetypes whose monsters are protected from most card effects.
Use this card with "Mist Body", attack an opponent's monster that you want to lose ATK and then attack with another monster you control. You can also equip "Mist Body" to an opponent's Attack-Position monster, hit it with "Gorgon", and use your remaining monsters to deal massive damage. Add "Spirit Barrier" to avoid taking damage when "Gorgon" attacks.
If you control "Masked Chopper", you can use "Gorgon" and "Chopper" in a one-two punch that deals 2100 damage to your opponent. Alternately, use "KA-2 Des Scissors" to hit a Synchro Monster. This will rarely do less than 4000 damage.
Use this card with "Molting Escape" to reduce your opponent's monster's ATK to 0, prevent your own monster from being destroyed, and gain 300 ATK.