It's a 3-CMC enchantment (2 generic and 1 Blue) that requires opponents to either pay one mana whenever they cast a spell or allow Rhystic Study's owner to draw a card
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Artifact Ramp (CTRL to add secondary) Removal Lethal Scheme Convoke (Your creatures can help cast this spell
Technically that means they could use the Keyword on themselves when they quest, then be readied and be able to challenge with a higher
Even if Mega Flare doesnt make the cut in most decks, its flexibility makes it a solid addition to EDH
Or, to put it another way, it loves items