Remember Treasure Cruise? This isn’t quite that. You have to actually pay two for the effect..
I’ve brought this card up with quite a few people and they’ve generally been unconvinced or incredulous. I, on the other hand, see a lot of potential. I don’t know exactly what that potential is, but this kind of cost reducing mechanics have always been very strong. Its not quite the same as, say, delve, but its not that far either. Modern (and Legacy, for that matter) has a lot of one mana costing, very efficient instants and sorceries.
There’s plenty more, but that’s something. Some of these are cantrips, but mostly they will eat up your hand quite quickly, hopefully working for you in the meantime.
So, something like Bedlam Reveler could definitely be helpful, when you are out of gas and need something to push forwards with. You can run out of steam quite quickly with a deck like burn or maybe even storm. Of course, with burn, if you have six instants or sorceries in your graveyard, you should have won by then, but playing one of these could really help if you are on the cusp, but not quite there.
With storm, you don’t necessarily mind putting your hand into the graveyard. You can always cast all of them again with Past in Flames and Pyromancer Ascension really likes cards in the graveyard as well. Maybe it would be worth trying out another EMN card Take Inventory, which doesn’t being inthe graveyard either.
What about Jund? Its all about grinding the opponent out and usually plays plenty of instants and sorceries. You don’t even have to get this thing to cost two mana either. Four is fine and you’ll get there in most games, especially if you craft your deck towards that end.
Of course, you don’t even need to go with an existing archetype. You could always build something new around this very powerful card. Maybe there’s a combo that could benefit from this guy. Maybe a new version of Jeskai Ascendancy? Just give this guy haste with Expedite or whatever that other, older similar card is and kill your opponent with one attack?
I don’t really know, but right now this card just seems underappreciated for what it is. There must be something out there, but then again, you never know. Perhaps this just isn’t the time or its still missing a component.