This card can be used to prevent your monsters from being destroyed when they have the same ATK as the monsters they battle with, making it playable during your turn.
This card is useful in Gladiator Beast decks, as it allows the controller to Special Summon a "Gladiator Beast" monster at the end of the Battle Phase.
You can activate Waboku and follow up with Trap Stun to make your monsters nigh-invincible. Magic Deflector buffs this combo even further.
This card is a wonderful tech combined with "The Six Samurai - Zanji" due to the fact you can attack your opponents stronger monster and destroy them without destroying Zanji itself. This is especially useful if you have just activated "Backs to the Wall" and only one large monster stands in your way.
Another reason why this card may be better than "Negate Attack" is because this is a good card to go with flip effect monsters that activate when a monster battles them, so you could save them from destruction and still use their effects.
Use this card when your opponent activates "Last Turn" and select a weaker monster to have the duel result in a draw. You may also select a monster with an equal ATK to win the duel if you do not have a stronger monster.