It's powerful enough to be game-changing. It essentially crimps or cleans out FFQ's, Pharaohs, Oty's, Spirits, Golems, most flying weapons, nymphs, poisoners, etc.
No, it doesn't dominate every deck out there -- just many of them. There's no way in the world I wouldn't play with this card. I would be stupid not to use it.
A time-limit or stiff upkeep would be in order.