This is insanely powerful on its own, and it does not require a player to expend much effort to exploit it
for example, a card with three 9.5 subgrades and one 9 may receive a final 9.5 or 9 depending on which categories are weaker
Once you get enough mana to unlock Fractured Realm, you can double all triggers from your permanents, be it enter triggers, death triggers, or attack triggers, and thats frankly unheard of in MTG
Morph played the biggest role in Onslaught block and Khans of Tarkir block, which both feature heavily in my Greatest MTG Limited Formats article
Descend is a whole mechanic that cares about permanents you own going to the graveyard, and caves that have a sacrifice ability give you another way to get some permanents in there
It's also true that the Reserved List as a reprint policy has been a living, changing document over the past 25 years