The easiest thing to compare this to is Clone Chip. Both are 1 install hardware that allow a program install from your heap. If he wasn't rotated, I bet the Exile would have fun with it. Anyways, with Clone Chip now gone, we have this to take its place. The first notable difference is the additional cost. Whereas Clone Chip is a flat to install for cost, this costs 3 less, but in order to use it, a program has to have been trashed this turn in order to fire off; otherwise, you have to trash a program. If you have a disposable program, such as a Kyuban on a piece of ice you can no longer feasibly get to or an SMC when you have your full suite out, then Simulchip is the chip for you. Otherwise, the best time to use it is after dealing with or recovering from a trash subroutine or operation, such as Enforcer 1.0 or Trojan Horse. In addition, if you're running bounce programs, like Lady, Gauss or Euler, this could be useful for a reinstall.
My thoughts on this hardware? Personally, I like Clone Chip better, simply because of its flat "install for cost". You could see this as a better version of Clone Chip if you have a lot of disposable programs, but I tend not to do that. However, Simulchip does give the option to save a program after having to trash it from a Corp card. However, if I need to recur something like SMC, I'd prefer to not waste the 3 less on it. 0 or 1 programs are probably better as fodder for this if you can spare it. Otherwise, this is a more reactive hardware to be used after the Corp tries to shut you down.