If all copies of "Mother Grizzly" in your Deck are already used up, return one to your hand with this card, then use "Pot of Avarice" to return the other two to your Deck, setting up a good defense/Tribute fodder.
Similarly, this card can return two copies of "Mother Grizzly" to your hand, allowing you to use "Moray of Greed" to return one to the Deck.
"Deep Sea Diva" and her search targets are among the best targets for this card.
Use "Deep Sea Diva" to search out "Spined Gillman" or "Mermaid Archer" and Synchro Summon "Sea Dragon Lord Gishilnodon". Then this card can be used to recycle the Synchro Materials. Better yet, activate "Moray of Greed" to return "Spined Gillman" or "Mermaid Archer" to your Deck, so it can be searched again, or simply "update" your hand since your opponent knows what two of the cards in your hand are.
This can be used in a "Cloudian" Deck effectively, because of their WATER Attribute and low ATK.
In a "Gishki" Deck, this can be used to recover "Gishki Shadow" and "Gishki Vision", which can then be discarded to add a "Gishki" Ritual Spell Card and an "Evigishki" Ritual Monster to your hand. If you already have one of those in hand (e.g. if the effect of "Gishki Aquamirror" is used to return itself to your Deck and an "Evigishki" to your hand), the other can then be searched by discarding the relevant one ("Shadow" in this case) and use the one that wasn't discarded (in this case, "Vision") to pay for the entire cost of the Ritual Summon, regardless of that "Evigishki" monster's Level.
This card is incredibly helpful in "Atlantean"/"Mermail" Decks, allowing yourself to retrieve discarded "Atlantean" monsters to be used as the cost for "Mermail" monsters' effects.
If "Mermail Abyssdine" is targeted while another "Mermail" monster is on your field, she will not only be instantly Summoned from your hand, but another "Mermail" from the Graveyard as well.
This card is effective in "Graydle" decks, since it can retrieve any of the Main Deck monsters from the Graveyard. It's especially useful with "Graydle Slime Jr." if you have at least two other Level 3 "Graydle" monsters in the Graveyard; using this card on the "Slime Jr." and one of the other monsters will immediately set you up to get the most out of its effect (usually a Synchro Summon of "Graydle Dragon").