I usually throw it out to avoid anyone running up on me. For instance, stuffing a Benimaru grab mix up attempt.
It's very good, but again since we are talking about Krauser, it won't prevent Krauser from getting in on you. He has a counter for that even, his High Counter and his Deadly Rave Super. So if you start abusing Far St.C a keen Krauser will either High Counter you or Deadly Rave, therefore really making it where you can't abuse that as much as you'd like.
But for EX Geese vs. Geese, this is a very key normal, because Regular Geese must get in to do his damage, and Far St.C keeps Geese away from you for the most part. Yes he can counter you also to get in, but unlike Krauser, Regular Geese HAS to get in in order to do any damage to EX Geese.