This card is not as useful as you'd think. The only real use that I've ever seen with this card is to put it in a beck that runs Urza-tron in order to produce copious amounts of blue mana which is useful if you're running Invoke Prejudice, Island Fish Jasconius, or Reality Twist. The other use I've seen for this card is actually almost completely accidental. Let's say you're in a multiplayer game and the only guy running black plays Contamination. You're screwed now right? Not if you have this and say a Silver Myr. Now you can produce your blue mana and stay on top of the game! However, outside of that deck build and that situation, this card isn't very useful at all.
Pros: Defeats Contamination if you have an artifact that can produce blue mana, in an Urza-tron combo, it results in a lot of blue mana
Cons: Not useful outside of a couple specific situations