The five colors in Magic would be better-represented by mana symbols than by nondescript circles of color
It adds 2 damage to every red source you control, making little pings brutal
Paying four mana to draw one card seems like a terrible rate, and by all means, it is, but there are two crucial things to consider before you dismiss this card: the mana cost is entirely generic, and it can snowball fast
Both Aristocrats and Reanimator decks are going to want this yesterday, and possibly even all black decks in general
I cant think of a more desirable scenario
Yes, it costs a good chunk of mana, but late in the game, it can refresh your hand right before your turn at instant speed, giving you a chance to find what you need