I don't know if it's horrible, just very situational. The only case where I would put it in a deck would be if I were expecting to have diminished magic, and facilities in general (especially if you're using sacrifice, glacial temple, and/or vampire).
I've tried a few decks that worked on that principle (bringing down facilities with cards like vampire, work overtime, etc. and taking advantage of the deficit with cards like soul cleaver, earth elemental, and flat increase cards), but they never worked terribly well.
All in all, I agree it could use a little boost. Not completely and utterly useless though.