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.
"Waboku" can be activated 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 your opponents stronger monster can attacked and destroy them without destroying "Zanji" itself. This is especially useful if "Backs to the Wall" have just been activated and only one large monster stands in your way.
If your opponent controls "Chainsaw Insect", "Waboku" can be activated, attack it with weak monsters, and draw a card for each monster that battles with "Chainsaw Insect".
Use "Scapegoat" to draw more cards with this tactic.
This card sometimes works better than "Negate Attack", since it can be used any time and it could be chained with cards such as "Mystical Space Typhoon" and cards like "Mirage Dragon" won't be able to render it useless.
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 they could be saved 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. A monster with an equal ATK may also be selected to win the Duel if there isn't any stronger monster in your Deck.