There are two cases for this. Either it's used with quint as soft CC, or it's elemental hate for aether and quint.
Elemental hate against two specific creatures (Immortal and Phase Dragon) is an example of elemental hate and situationality. It's gotten better now that Aether has Psion, but this still doesn't change that a card like this is situational and too specialized. (Quinting creatures seems so rare that I didn't even take it into account)
Quint brings up something funny. You pay 1 card + 5
+ X cards + 4X aether to basically cut half of X creatures' attacks in half. This does not seem really worth it.
With anubis, this is 2 cards + 5
+ 8
+ X turns + 2X
to cut half of X's creatures' attacks in half. This still does not seem to be worth it.
Another thing, what happens to other copies of this card besides the first? Does it stack or what?