The ability is a hard counter to bulk draw such as Diesel & QT, most uses of Game Day, Independent Thinking, Levy AR Lab Access, Lawyer Up and FIS, and the best counter to death-by-a-thousand-cuts Jinteki. IHW. By a quirk of the rules, it also reduces the utility of Mr. Li being used more than once.
The card works wonders with "discard your hand" abilities such as Komainu and Psychic Field, allowing for a follow-up two-advanced Ronin to nearly always flatline the runner during your turn. It also pairs wonderfully with Mental Health Clinic, as an extra hand-size you can't easily reach is a useless measure in a non-brain damage kill deck.
However, special mention should be made of cards like Drug Dealer, Astrolabe and instant-speed effects such as using "Geist" during the corp's turn to draw multiple cards outside of Genetic Pavilion's purview.
Outside of best-case scenarios and avoiding bad matchups, the effect is not strong enough to compete for deck slots. If it were to count during both turns, or even more amazingly across both turns, it would serve as an amazing counter to Faust / Drug Dealer decks that munch through their own hands while still floating above a kill-shot.
Once this is rez'ed you are hoping for three cards to be leaving the Grip per runner's turn, which outside of Ronin, Neural EMP or PE ability is dependant on the runner having to react to your plays. This means that a passive shell-game build that allows the Runner to build up their hand turn-over-turn that best compliments Ronin will not be enough to push this card over the top.
There have been better results with IG, especially in "Trash Panda" decks where you can leverage News Team to trash resources like Drug Dealer and otherwise make running archives a pain with Space Camp. Threatening to win is always a better solution than trying to assemble a kill.