I find it's cost and the fact that it is only around for 2 turns a limitation. It also only feels partly like life: The summoning of creatures is life, but the randomness is not life at all... I'd expect it to be an aether card before life.
For example, Life has 6 creatures, 1 takes 10 life, the others take 3 or less. I am paying 5 life, then 3 life for an 87% chance to lose on my investment. Even if it was permanent, I only have a 12% chance to make out ahead. I'd rather just put a dragon in and pay 2 extra life quanta then take a chance. Other elements have a better chance of return, but then you have to run at least duo, or splash mark.
I would either make it cheaper initially, cost less to use, or make it last longer. Leaving it cost as it does now, but last forever would bring it closer to usefulness, I feel. Look at the cost of Fire Fly Queen, Fractal or Mindgate. They all do a similar effect (brining into play creatures) but are both more predictable and do not have a 1 time use clause.
Fate egg is another card to compare it with. Fate egg is 3 time + 1 to activate for any random creature. This is 5 life +3 to activate, and all you get is a more selective random. If you make it 3 life +1 and only last 2 turns, it will be a fate egg-like permanent. Seems to be the feel you are going for.
Some good options. I see this as UP as it stands.
Edit: I feel that 3 turns makes it slightly more viable, but you are still paying 5 life + 3 + 3 = 11 quanta for 2 selective fate eggs.