Its unfortunate because his blue mage ability of learning skills would come in handy
Eldrazi are one of the most popular creature types in Magic, so there's always going to be some kind of value to them
Like other permanent spells, you can only cast it during your main phase when the stack is empty, i.e., when you could normally cast a sorcery
In this case, because your life total also can't change, that damage has any other effects that it may have aside from causing you to lose that much life (such as effects from lifelink or infect) and triggers and effects can see that damage was dealt even though your life total didn't change
Finally, Stagecoach Security is a strong card as well and can be a go wide payoff
In my artifact decks, Ill play as many of these as I can get