There is more: this card works against trap and monsters as well, so it won't become a decoration when fighting decks that don't use spells that much. You don't even need to discard any cards. The only downside is it doesn't negate the first card, but them's the breaks.
I find it hilarious how the dumb Sylvan players are scrambling around trying to find a way to salvage the dead deck, suggesting the use of Card Advance, Amarylease, and now this card as well, unaware that running more spell cards disrupt the deck's flow.