You can also use this to avoid an effect that would banish or bounce it.
Another card that would work well with this is "Hate Buster" as it's not only a Fiend-type monster, but it can be revived on your next turn by its own effect due to being destroyed as part of the effect of "Hate Buster".
Use with this card with "Forced Requisition" so your opponent has to discard whenever you use the effect of "The Supremacy Sun".
This can be further boosted by the effect of "Magical Thorn", causing the opponent to lose 500 points with each discard.
You can discard "Cockroach Knight" to Special Summon this card by its own effect. Because "Cockroach Knight" is returned to the top of the Deck, you always have a card to discard for this card's effect, though doing so may disrupt a future Draw Phase.
When combined with "Yubel - Terror Incarnate" this card becomes unbeatable as during each of your End Phases Yubel will destroy all other monsters, then during your opponent's Standby Phase it will be summoned back at the cost of a card in the hand and be ready to destroy your opponent's Life Points come next round.
When used with "Torrential Tribute" or "Dark Hole" it can destroy all of your opponent's monsters and summon it back at the cost of one card.
When combined with self destruct cards this monster could potentially be used in a MeklordDeck.
Keep in mind, tributing this card will not trigger its effect, as it must be destroyed in some way.
You can combine this card with "Card of Safe Return" in order to offset the cost for its effect.
In addition to this, you can discard "Sinister Serpent" for this card's cost, as "Sinister Serpent" can then be recovered after this card is Special Summoned.