Either way, the Limited player in me is loving this card
Its a given that you might discard the card that you searched for, but the chances are usually pretty low and the best decks wont really care if they happen to discard something important because they have ways to play it from the graveyard in the current era of Commander where the graveyard often feels like a second hand
There are cards in Battle for Baldur's Gate that designate a player as "taking the initiative", which reuses the dungeon mechanic from the Adventures in the Forgotten Realms set, putting the player in a dungeon called the Undercity, allowing them to gain benefits from maintaining the initiative
It would definitely motivate me to want to buy it and try
Remember that it also buffs itself, which is unusual for lords, where you get a 4/2 creature for 4 mana
So what actually makes one card worth $2 and another worth $200,000