While this attack does take 3 energy, the Alakazam strategy is content to play a slower game, making it one of the better non-ex strategies in the game
When new cards come out, some cards will be plucked out of obscurity and given a chance to shine
When you have to find something more suitable to your spend level, however, there are several great analogs
Hixus was the latter
various control decks play Snapcaster Mage, and even non-graveyard decks like Counters Company (which uses Eternal Witness), Death's Shadow (Gurmag Angler), and Jund (Tarmogoyf) have at least some cards that are powered up by their graveyard
The fact that it does not have Flash was pointed out by many as a major downside, but I think that it is simply a necessary way to balance the card, as it would be too strong otherwise