Well, it does give newbies a way to get Ball Lightning without upgrading.

Spell Cost:
Ability 1 : Ball Lightning, 1

Ability 2: Untargetable for 1 turn (note that most heal and regen cards still work), 1

(You might keep summoning Ball Lightnings when all you want to do is protect yourself from Drain Life or Fire Bolt).
1

| 1

, Chances, resulting average = 1

Final Cost: 1

Permanent Cost:
Type: Standard Permanent, +3 by default
Ability Value : +2 (Now on a stick)
Uprade Bonus: -1
Final Cost: 4

Spell is a bit situational, while Permanent could be used in a duo with death that also can protect you from damage. It looks fine to me.