Strong points
1) A useful technique when you want to be stealthy
2) Allows you to be camoflauged with the frost, making it hard to detect
3) Allows you to stealthily move about the battlefield without being captured or found, which would provide you with the many possibilities of executing surprise attacks.
Weak points
1) Frost is only C-rank, therefore a fire technique would easily burn off the frost, melting it making it unusable.
2) Needs one handseal, which is not bad, but still slows down the performance
3) Needs a constant supply of chakra to keep the frost within the battlefield, so by moving around concealed, you won't be able to perform other elemental natured techniques
4) Does not prevent sensors from finding you
Combinations-strategies
This technique is really useful with stealth-based techniques. I would begin by starting with this technique, allowing me to stealthily move about the battlefield. I can also make a clone, behind a wall perhaps, so while the real me would be hidden, the clone would be acting as the real one, giving me the ability to move around without suspicions.
Ways to counter this technique
I would say that countering this technique would require sensory abilities, to locate and pinpoint the exact location of your target. I would also perform a fire technique that is large, not necessarily towards the ground but warm enough to melt the frost as it is only frost. I could also counter this technique by creating a line of defense around me, making sure my opponent wouldn't pass it. Maybe a wall of sorts.
You Doing the jutsu I gather wind and water chakra and combine them together to produce ice chakra. Once doing so, i would perform a single handseal to mold my chakra properly, that would fit only this technique. Afterwards, i would release the ice chakra throughout the ground of the entire battlefield, and within seconds, it would become frosted up. By sending out a surge of ice chakra around my body, i could manipulate that chakra to mimic the frost and have myself blend in with it, almost unnoticeable to the bare eye. I could then walk around your clone, with a kunai, and stab it from behind without being noticed.