Use when proposing another option that seems just as acceptable or suitable. You could just as well take the train if the buses are full.
Pro Tip 2/3
Pointless Effort
Expresses that an action has little or no value, so an alternative wouldn't make a difference. We might just as well cancel the picnic if it's going to rain all day.
Pro Tip 3/3
Mild Criticism
Implies that a current effort is insufficient and something else could be equally ineffective. He could just as well have stayed at home with that lack of enthusiasm.