For 5G, both you and your enemy will skip the next turn. Monster and passive effects will still work, and both players still obtain gold and draw a card, but neither can use a card or attack with their monsters for 1 turn.
Works absurdly well with Orange Laser (If it still activates?)
This is useful to gain some cash or clog the enemy's hand. It can also be used if the enemy has one monster which will be un-paralyzed the next turn. Using this blocks the enemy to use that monster while un-paralyzed. It will then be paralyzed again on your next turn, unable to be used by the enemy the turn after that. This essentially makes the enemy monster paralyzed for 3 turns in a row with just 1 card.