It all depends on the deck. Vanity's Emptiness is a stun card, since thunder king rai-oh was limited. The idea is for your opponent to be trapped in that the either player cannot special summon. It's especially useful if used on the second turn of the dual. When this card is put in a deck the uses D.D. cards then it's all the more powerful.
Been a while since I've been up against the card, however the only reason why it was good back then was because of the elemental dragons and other decks from previous formats. Now, it's over rated and it's only expensive because people either want the card for their deck or is trying to sell the vanity's emptiness to make a profit from when the card was very useful. Either way, it's 50/50 as to what deck this card is good in today.