The natural competitor for this card is On the hunt. I think this card is far superior, for several reasons.
-On the hunt can whiff. If that happens you basically wasted a resource and a card slot.
-On the Hunt can succeed and you end up drawing a monster you normally wouldn't have (remember enemies are the worst thing that can be drawn from the encounter deck).
-This card eliminates one of the game's main advantages: randomness. Say your current investigator order has your guardian drawing ancient Evils and your Mystic drawing a Spawn of Hali. This is an awful, random situation. The guardian has no counters for evil and the mystic has nothing up for damage or evasion. The game hence eats a turn, and probably two since you're going to be using this turn to deal with the spawn (guardian pulls it off for an action and then takes two to kill it at least). Play this card though and you simply switch the order to where the guardian draws the spawn and the mystic draws the Evils. Mystic cancels with Ward of Protection and guardian nets an action they wouldn't have otherwise had.
-Guardians tend to be very tanks and have expendable assets. That venturer out of ammo and you drew a grasping hands and Crypt chill? Take both. Lessen the impact of the damage hit with the venturer and discard him with crypt chill. Guardians have many ways to heal (especially heal damage) and funneling those treacheries into their hands keeps other party members protected.
The only time I think On The Hunt wins is in single player, and even then you may be better off filling the spot with other cards.
Overall, very powerful card and almost an auto include in multi-player decks.