It's a good card in Aqua decks. If you think it's useless as Undead then simply remove the Undead keyword from it.
DPsycho wrote:
I suggest that it should have the same effect as it does now, but have N = #Aqua or #Undead, whichever is greater.
I don't think so because playing Undead you usually have 6+ Undead cards in hand. So, already powerful attacking undead decks will be very good at stealing opponent's resources also, thus eliminating him completely.