It also has a good body for the cost, and can attack the turn it comes down and create a treasure token
1 Crosis, the Purger
Then you can exile a graveyard and gain a bunch of life, ramp out two lands of any type not just basics tapped, make a pair of 2/2 Bear tokens, or toss a pair of counters on all of your stuff for the going wide, and with the Bears as a default that's two 4/4s for six mana on a naked board
I dont think Protection Magic is going to be the best option for every deck, but in decks that can proliferate counters this one is going to do a surprising amount of work
On top of this it is the first mass removal spell than can take out multiple planeswalkers, red was just becoming the best colour for mass removal as things like Bonfire and Earthquake can take out a walker alongside creatures, but not two
Anytime he deals combat damage to a player, they mill two cards and you get two energy