Any reanimation spell that puts a creature directly into play from your graveyard is always going to be a hot commodity on the secondary market (just look at one of the most valuable uncommons from Visions for proof)
While it looks inefficient on the surface, its actually quite well-suited for Pauper
Again, for only three mana, you draw two cards, you gain a life, an opponent loses a life, and you are 25% of the way to transforming Sephiroth
The Casual vs Competitive Problem When considering high-end Commander, whether competitive in nature, or in name (like cEDH), I think this argument is most watertight
If you control three or more of them, it gets a hefty stat boost and menace
Note that this name would go on to be the name of the musical episode of Buffy the Vampire Slayer." Could Joss Whedon have been influenced by Unglued