It is incredibly strong, as you can expect to cast it for 0 mana, and its wide range of redirection often makes it a one-of-a-kind answer
The good news is, when your creatures form a band, YOU get to assign any damage dealt to or dealt by the band
During this period, I transitioned from using awful theme decks of PTCGO to using barely functional decks filled with Big Basic Pokmon and then to accidentally playing passable (but still horrible!) decks by the end of 2013
Saryth, the Vipers Fang provides some nice protection to Myrkul (and your other creatures) from targeted removal once it hits the battlefield, and the untap ability can be useful too such as with Mother of Runes
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Its popularity ensures steady demand, making it one of the most valuable non-VMAX cards in the set