This is only niche playable at best. Direct damage is generall pretty bad in EDH. This does, however, nicely powerup Red's damage based sweepers - Blasphemous Act now kills Worldspine Wurm, for instance, and this effectively gives you a two-mana discount on spells like Starstorm and Earthquake.
It also makes various Chandras suck less.
In short, this copies a TON of effects. So it'll definitely get played... like, a lot.
That said, I don't think it's quite as absurd as some of the hype suggests. It'll be a solid value engine at best.
Power level, though, is just weaksauce.
Me? I like the art quite a lot, but I'm yawning at the card itself.
In a format where Wasteland, Strip Mine, Ghost Quarter
and every Green/Red/Black land destruction spell ever printed already exist, I would actually be embarrased to be seen using this. I mean, really?