I use it with my third and fourth graders. They LOVE it! They are actually making their own I start by discussing the various story elements. We might read a short story and just identify the main character at first and then move on to setting, problem, and solution. It depends on the level your students are at.
After we review what each element is, I introduce the tool to the kids. I have been using it this year to promote a detailed retell of a story to monitor for meaning. If a child is having trouble with one aspect of the SGM, i.e. sequencing the attempts/character actions then we can focus on practicing that section of the tool.
Hope this helps!