Since Archfiend only gets only counters when it enters the battlefield, the end result if that the opponent will have an Archfiend of the Dross with no oil, so you simply pass the turn and make your opponent die to Archfiend of the Dross's ability when they can't remove a counter on their upkeep
Faithless Looting itself scales with discard effects, you can discard it for more value than a lot of other cards when you have another active looting effect and it doesn't even put you at much risk of having all your discard outlets dealt with
This, as well as the moves of Dragapult EX and Kyruem, of course, can only be used when it is put into the discard pile
Due to negative feedback, the Reprint Policy was updated in 2010 to narrow that exception, such that any future reprints will not be tournament-legal
The token or the bonus face damage are also nice extra options to have early and late game respectively when there is no removing of things to be done
Discarding three energy in exchange for blocking Item play for a turn is a pretty steep cost, but some players almost certainly will try to build around Galvantula ex and its tiny pre-evolved form