Keep in mind Konami has ruled that this card's second effect can only work with Materials that still match up with the requirements of the Fusion Monster. For example, it won't work with "Starving Venom Fusion Dragon" because "2 DARK monsters on the field" logically cannot be in the Graveyard.
Usage with other cards
As per the New Master Rule, you need a total of 2 Monster Zones you can Summon from the Extra Deck to so that the Fusion Materials do not get wasted.
If your opponent doesn't control any monsters, use this card to Fusion Summon "Ojama Knight" through any combination of "Ojama Yellow", "Ojama Green", or "Ojama Black". Then, this card can be banished to Summon the Fusion Materials in order to Fusion Summon "Ojama King". This way, their combined effects will prevent your opponent from Summoning.
This card is useful in an "Elemental HERO" Deck to Fusion Summon two different "Omni HERO" monsters by using the same Fusion Materials for each, assuming that both Fusion Materials are "Elemental HERO" monsters with different Attributes.