I'd say there are plenty. Any in which the heroes need to build up, or if there are things that happen LATER that are worse than what they start with (Voss with his airships, Akash'Bhuta, Omnitron, Gloomweaver, The Chairman, The Matriarch, Spite (don't want to kill victims!), Miss Information, The Vengeance Villains, The Dreamer, Kismet) and it's useless against The Ennead.
For a lot of villains I'd hold onto it for a time when it will do more good, or as a contingency play if things get real bad. For Iron Legacy first turn is probably a good time to play it though.
Not a big fan of using it on Dawn, Citizens are easy to kill off as they have HP, and using it adds -1 Citizens to the trash, not always a great move in my experience.
The Sentinels: Team Communication, then Team Communication, then Team Communication, then Unique Capabilities, then Unique Capabilities, then Unique Capabilities, then whatever looks useful out of my 13-card hand.
I do Unique Capabilities first, because if you get any of the signatures in your hand you can't play them for free, so you don't want to draw 4 cards and risk getting one until you have all of them out or you don't have one in your hand.
If the Heroes want to build up, then you want to play it first turn so that you don't end up wiping your own board after you've built up.
Against many of those Villains I would play it first turn. The Vengeful 5 I would definitely play it first turn, because they start off with so much nasty stuff that would be a pain to leave on the table. Against Miss Information, you have a consequence free way of killing the first Distraction. Against The Dreamer you are skipping the whole first half of the game, which can be very dangerous indeed. It's definitely a first turn play against Gloomweaver, since you can't use it to kill his Relics, so you may as well use it to kill his Zombies.
Pretty sure it says MAY draw on the card thus you can get an equipment from the deck out like say smoke bomb to rederect the damage from the lowest hero (you) to the highest hero (Still you) and reduce it by one thus denying the damage that would kill you. Of course if your spirit is not as warp as mine pray omnitron has very few hp left cause your pretty screwed at that point.
My main point for several of those is that it is better to save it for later (after Miss Information flips, when Gloomweaver gets a lot of cultists/pins/strength of the gave out, etc.)