This is a simple and nice looking English style buzzer pattern. I would be apt to add a bit weight to the head, but it all depends on how you plan to fish it. With the red holographic tinsel, this could easily pass for a bloodworm or a Chironomid, just change the depth that you plan to fish it and viola.
Back in my still water days, I used to tie a mess of booby patterns. Basically the foam suspends the fly in the water, so when you use a sinking tip or line, the fly can float above the bottom. They have been the root of some controversy, and are actually banned on some waters, supposedly because fish take them deep, but are no doubt an effective fly. This is a fairly basic pattern, and you can switch up the materials to suit different needs.