Its bad, but not horrible to have to cast just to Scry 2 when you need a threat, and access to maindeck lifegain is inarguably valuable against Burn
If that creature is a legal target but the creature you don't control isn't, your creature will still get +1/+2
This ensures that you'll constantly be refreshing your hands as you cast your various under-costed high-toughness creatures (as creatures with defender can be significantly cheaper than those without it), meaning you'll always have ample options of spells to cast during your turn
On the whole, Pyroblast was generally the slightly better option (much to the chagrin of players in possession of beautiful Beta Red Elemental Blast)
They are printing high dollar fake foils for the "pimp" groups (EDH/Legacy/etc)
Don't worry about flooding later, Kozilek turns excess mana rocks into countermagic anyway