Actually, the card advantage is the first thing I notice. That's why it has a huge cost, upkeep, and needs a combo to work. Versatility and utility, by the way, is power.
3 cards to get going, you say? Any wildly successful 3-card combos in PvP? No. Any decent ones? Barely. Things like Buff+Oty+Quint and Druidic Staff+Flying Weapon+Adrenaline come to mind, and they're not much more than alright.
This card ramps up with time, and doesn't provide any defense (unlike FFQ and Pharaoh). It's completely useless against a rush, but can work against a stall. Chances are, though, that it turns out completely useless in any game. Period.
The main thing it has going is the resistance to CC which you mention, and it makes perfect sense Death would have it. The growth rate of a half Malignant Cell is just laughable if you look at it objectively in the PvP scene.
If anything, I would buff this.
Oh. What's even worse, it's a perm. A majority of PvP decks have PC.