That card has seen occasional play (and even got banned out of Standard when it was juiced up as Attune with Aether) and this giving you the option to find a land or proliferate is pretty sweet
Missing lore
Exile without countering to get around uncounterable can hit multiple cards on the stack, these things matter, and the time youre most likely to be able to cast it is the time you most want towhen someones trying to win, especially in the very early game
This has made Sephiroth somehow even more desirable than before
Other cards like Into the Time Vortex have rebound, coming back on the next turn to give you three spells for the cost of one
Now, seven years on, hes been relegated to fringe playa 0/2 is too easy to deal with, and keeping five cards in your graveyard is a bit of a challenge in a world where everyone has access to Scavenging Ooze, Graveyard Trespasser, or Unlicensed Hearsebut that painful autumn of Moist Jund and Wet Abzan endures