He would allow rotation based on opposition, which Wenger will never do anyway. It's all pretty much pointless without a manager change, but I'd see him as a power option in that B2B position we seem to have open. Especially against other 3 man midfields, when we don't technically outnumber them in the middle.
I think he'd also allow us to rest Arteta if necessary against some of the more brutish PL sides, and when Santi is getting double-teamed in the center he can allow him to play wide and create from there. Let Diame demolish people and Jack can pick up the scraps to feed our attackers. He can hold the ball in the middle, make the simple passes to the creative players, and put himself about when we're not in possession. You don't need someone who can do absolutely everything in a 3 man midfield, you need synergy. Thing about Diame, though, is that when he does get forward, he does it with purpose. He'd give us that 'secret weapon' option when the game is winding down and your DM suddenly starts making surging forward runs after playing a mostly reserved, defensive game. City won lots of games that way last season with Yaya (not that Diame is anything in comparison).
Like I said in the other thread, he might not be exactly the player we'd want, but he's the right type of player, and that's better than having nobody to do the job.