If an opponent casts a creature spell with flash while Weeping Angel is attacking or blocking, it is removed from combat because it stops being a creature
however, you have just as much a likelihood of that happening with a Chaos Warp, which is definitely played more than these two cards
At least it damages only your opponents, and with the tackled adventure, it can be a solid pillar for a spell slinger/tempo/counter burn deck
However, Clefairy is, if anything, an example of how any shadowless Base Set card can sell for surprising amounts, regardless of what's printed on it
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A free counter doesn't elevate a deck to top-tier status on its own, but there's still an expectation with some players that casual decks don't include them