Again, no brakes like once per turn, or a bigger life loss, 1 is nothing here, and then you didn't spend mana or tap or do anything else, all of the card flow happens
While the last line of text regarding Thrulls will pretty much never come up unless youre playing something like Endrek Sahr, Master Breeder, Soul Exchange is more than good enough without it
Or maybe you genuinely need the draw to finish off the game
Its awesome with clone effects and myriad effects, and it can also be your commander
Hypnotic Specter is great to disrupt control and combo opponents but late-game its an expensive bear
For removal I would prefer to hard remove something, rather than tuck it under something that is very fragile, as it is both a Creature and an Enchantment