Usually you'd use this to protect yourself from your opponent't big push, leaving them tapped out, but you can also use it to ensure that Roxanne will survive being blocked if your opponent buffs the Raging Goblin you thought you could safely swing into
I wouldnt play it without significant graveyard synergies, but it shines in the right deck
For example, Tor Wauki the Younger wont increase the life lost from a Bump in the Night
Nahiri, the Harbinger Nahiri, the Harbingers ultimate effect is hard to pull off, needing at least two turns of uninterrupted upticks before you can activate it
Ward is an excellent source of protection, and so long as it's going onto a legendary creature, equipping it is something that you can easily do the turn you cast it