On it's own, it's just a standard 1500 attack monster with a piercing effect, but it works well with some of the dragon support cards already released. Tyrant Wing increases its attack so that it can attack again, which can be good if your opponent has multiple set monsters. Dragon's Rebirth lets you switch to a different dragon monster if Lancer Dragonute is targeted, or used in the battle phase after you attack to do another attack.
Since Lancer Dragonute is Dark attribute, you only need 1 Light attribute monster in the graveyard to be able to special summon Darkflare Dragon. But you can also special summon him using Dragon's Rebirth, or Transmodify. Regular tribute summon can still work as well.