Ah, so this card will not remove Damage Reduction nor will it remove the Damage done by a weapon. However it will remove any and all abilities on said permanents.
As far as versatility goes, yes, it is both PC, CC, and it can be beneficial to the user. However, it is not as effective in all areas. It does not destroy a shield or weapon, so the DR and damage remains. It does not destroy a creature, so the creature's damage is not nullified. Additionally, if used on an opponent's card, your opponent will regenerate 5 HP per turn. Basically, this card DOES have extreme flexibility but it is not as effective as other cards such as Deflag or Lightning, and it gives a small benefit to the opponent when used. Based on this I think the card is balanced.
I agree that this may overshadow Adrenastaff, but a Druidic Staff also has 7 HP and is less vulnerable to CC than an Adrenaline'd Giant Frog that this card is used on. There are pros and cons.
After all this, whether you think this card is OP, too strong, or balanced, I think we can all agree that Life needs a buff, there are no Life cards in the top 30 most popular cards (
http://elementscommunity.org/forum/index.php/topic,34072.0.html). Plus it's the least favorite element (
http://elementscommunity.org/forum/index.php/topic,34288.0.html). This card can give Life a chance for redemption.
And again, thanks to all for the positive feedback