What are Magic Guard's uses?

Question

1st: Does Magic Guard prevent recoil? (Take Down, Brave Bird, Flare Blitz, ect.)
2nd: Does Magic Guard prevent damage from Spikes and Stealth Rock?
3rd: Does Magic Guard prevent status effects and damage from stuff like Life Orb and Flame Orb?
4th: Is there anything else Magic Guard does prevent?

Answer 1

Magic Guard is mostly used as a protection against Life Orb. Magic Guard will nullify all non-direct damage done to the wielder, such as status conditions, recoil, hazards, weather conditions, move failure, and any other non-direct damage.

Source: http://bulbapedia.bulbagarden.net/wiki/Magic_Guard_(Ability)