Dies to Removal

I think this is a good card and might be Modern playable. Each mode other than the last is always a 1-for-1, and the last is likely trading for a card when you cast it. That makes this card almost always a 2-for-1 and it's flexible enough to see a main deck slot or two in decks like Jund or Grixis Delver. I can't think of many matchups where it's dead.

I don't know how good it might be in Standard, though.

Feels like you're overpaying for the effects you get.

It's useful, but it is overcosted for those effects except for the instant speed of the discard and the instant speed Raise Dead effect. That's rather intriguing and bears experimentation to cast it at the end of an opponent's turn to discard and then bring a cheap creature back.

Is anyone else tired of the Destroy Target Artifact effect on the b/r cards?

As a guy with a gazillion artifact decks, I am.

Feels like you're overpaying for the effects you get.

Can't this be said for almost every charm and command card? Cryptic Command - 4cmc for a counter, 4cmc for draw 1 card. Both should cost less on their own but couple them together, and add more choices, and you get 4cmc. Kologhan's command would never be 1CMC, and it would probably be a bit pushed at 2CMC. It might feel a little weak at 3, but I think each mode is viable and it's hard to find matchups where it's a dead card. Electrolyze is probably better if you're in blue, but a deck like Jund doesn't have access to it.