While Legacy and Vintage may be a bit too fast for the card, I think it has a real shot in Modern
Diversity in Commander is great though, so having this as a Bird payoff in Derevi, Empyrial TacticianDerevi, Empyrial Tactician, Falco Spara, PactweaverFalco Spara, Pactweaver, or even Tawnos, the ToymakerTawnos, the Toymaker could be great
With Disney Lorcanas fourth set, Ursulas Return, focusing on the battle against a resurgent Sea Witch, the Enchanted cards took on a darker overall aesthetic
While this card is on the table, if the rest of your deck is doing what it's supposed to be doing, you can essentially stop your opponent from having a viable win condition
The jurys still out on how viable that strategy will be, but I expect a lot of people will be trying it out hard to tell from the limited options in this deck though