It has a very limited use AFAIK.  There's only a couple of uses that I know of.

You can use it on **Hearts** or **Rupees** to change them.  **Hearts** turn into **Fairies**.  **Rupees** turn into different valued rupees, even a **Rupoor**.

On some of the smaller enemies, it knocks them dizzy.  I was only able to do this on **Bokoblins** and **Octorocks** but didn't have enough to test on others.