I always liked a delayed steal (given the right baserunner was on) right after something controversial happened and you know the defense has tightened up a bit.
For example, I have found it is real effective in the following situation. Two outs, runner on 2nd, routine ground ball hit to SS and it goes through the wickets. Runner on 2nd scores, and the baserunner is at 1B. The pitcher is ****ed cause he had a sure out. The SS is still thinking about the routine ball he just missed. Great time for a delay. If successful, I have told my hitters to look for the next pitch right down the pike. By now, the pitcher is really upset, and the defense is hanging their heads a bit.
Lots of situations and I like the ones presented above. Like most other things in baseball, don't really have a one size fits all solution for any given situation.