1) Air does not monopolize Airborne. Why is a waterfowl Air rather than Water?
2) Aether copies. Water synergies. Teaching takes time. Why Air rather than Aether, Water or Time?
3) Good answer
4) Your answer to 3 was more applicable. Name, Art and each Mechanic are all important components. To make the ideal card one needs to use ideal components in an ideal mixture. This involves wondering if there is a better component for the job at hand and checking to make sure the component fits the theme and requirements from the other components (yes each mechanic has thematic requirements they enforce on the other components).
In this case the pro from not lobotomizing is it can be used on your own creatures. The con of not lobotomizing is it could have been used on the opponent creatures.
There is also the consideration of random vs manual targeting. (What happens when Pandamonium Twin Universes 2 of these?)