Knowledge is power. Only this and Telepathy Helmet give you unrestricted access to the contents of your opponent's hand.
Are they sitting on two shootout actions and two Cheating Resolutions? Avoid shootouts if you can and choke out their card throughput.
No Cheating Resolutions? Or Shootout Actions? bully away and cheat like mad.
Steven Wiles? Do not overextend your position.
With only discarding (usually) one card per turn, and open discard information, the intel gathered from one Cookin' Up Trouble can remain pertinent for a couple of turns.
Of course, in the ideal universe, your opponent cheats on Lowball, loses, and you play this first action to look at the hand and discard an action, goods, or spell. But even if the planets have not properly aligned for you, I would say that it is usually worth the ghost rock to cycle this card and find out what you can instead of hanging on to it while you wait for them to cheat.
of course this competes with Coachwhip! for deck space, so it can be a hard sell considering the 1 cost on an action card. War Paint or Siege Of The Orphanage work on the proactive side of the Fours, and without that pesky cost.
But in this new age of Ricochet, knowing what is up the opponent's sleeve can make or break a game, and as the G.I.Joes say, "Knowing is half the battle".