From a PvP perspective, the new cost would help its usage, but not enough where people would go out of their way to use it. Sure, this+Nightmare could be pretty annoying, but I would just as soon use a simple SoFo, where I can destroy 3 permanents of choice and get a Black Hole for use. Or, just a simple Ghostmare, which would have better rush capabilities.
From an AI perspective, it would be treated like a Spark.
In other words, I think this card still needs desperate help. The dropped cost helps, but it either needs a) HP or b) a more dangerous ability