I think there is too much hate for this card. It has theme and application, the problem being that once the field is flooded everyone just sort of forgets what the point of a stall deck is. I will agree that water needs a way to deal serious damage outside of Ice Dragon. I use flooding in all my FG decks, and it works wonders on spam gods (Serket, Jezebel, Osiris, Eternal Phoenix, Ferox, Incarnate, and if I get lucky, Rainbow).
I feel this card is fine, and that Zanz has made all the right calls with it.