This card is a good one to use after drawing a card like "Eradicator Epidemic Virus", since your opponent no longer has any Spell Cards, if that is what you selected.
Using this card with "Lair of Darkness" active means you can get an opponent's monster off the field regardless of whether your opponent negates this effect. (Since "Lair of Darkness" decks use "Virus" cards, you can combine this with the above strategy.)
In a "Red-Eyes" Deck, you can Tribute a "Red-Eyes" Monster that is equipped any copies of "Black Metal Dragon", to search at least 1 "Red-Eyes" card(And draw 2 cards, if your opponent does not negate this card's effect).
A good monster to pick is a "Meteor Black Comet Dragon" that was Fusion Summoned with "Red-Eyes Fusion", since it can be used to revive a Normal Monster when sent from the Monster Zone to the Graveyard, and be used for the tip above.
In an Exodia Deck, you can Tribute "Sangan" or "Witch of the Black Forest". Even if your opponent does negate this card's effect, you can use the Tributed monster's effect to search a "Forbidden One".
You can use this card with "Splendid Venus" to prevent it from being negated. This works best in a "Darklord" deck.
This card works well with cards that force your opponent to show his/her hand, such as "The Eye of Truth" or "Mind on Air" as your opponent cannot "reveal" a card that is already revealed.
You can use this card without hesitation against an Infernity deck: Their handless strategy means that they will not have Spell Cards in their hand to reveal and negate this effect.
Even if your opponent manages to negate this card's effect, you can draw a card with "Super Rejuvenation", assuming you didn't Tribute or discard any more Dragons that turn.