Remember, this card is a Quick-Play Spell Card, and therefore may be activated from your hand during the turn you draw it, as long as it is your turn. Because of this advantage, you have the chance of drawing 2 more copies of this card for massive draw power.
This card combos well in a "Hieratic" Deck. "Hieratic" monsters will often be offering several Tributes a turn, so this card can allow you to draw two or three cards with a productive turn, possibly even more. It also helps alleviate one of the main weaknesses of a "Hieratic" deck, that being poor and/or small hands.
Use the effect of "Cannon Soldier" to tribute any number of Dragon monsters to help you draw more cards.
During the End Phase, if the owner's hand is more than 6 cards, activate this card then you can discard the remains of extended Dragon-Type monster.
Use the side-effect of Special Summoning Tyrant Dragon to your advantage by playing this card beforehand and drawing at least 1 card afterwards.