1: It costs 4 energy to play (2 Blue and 2 Colorless), without doing anything the turn it comes into play.
3. Each time you want to use it, it costs 4 colorless energy to draw a card. This means that it takes 8 energy over two turns just to replace itself, which is not very good. Also, this card gets worse the more of it you have in your hand or in play.
Still, there are many control decks that can get several uses out of this, and once you have drawn 3 cards from it you are in a fairly good spot. If you can stall the game while using this, you have a very good chance to win.
Strong against: slow-developing decks.