It's a card that turns a creature into a sheep (effectively). What's not to love? This card is really awesome. This is one of 7 cards that makes one or more creatures lose all of their abilities (Humble, Humility, Snakeform, Soul Sculptor, Sudden Spoiling, and Turn to Frog are the other 6). At Instant speed, you can make that 20/3 Sea Spirit into a 0/1 that can easily be squashed. The other part about this card that I really like is that the it gets rid of any abilities that the creature had. The combo I really like is anything with vanishing + this card. Let's imagine you have a Maelstrom Djinn with only 1 measly time counter left on it and it's your upkeep. You can cast this in response in order to make it lose the sacrifice trigger on the card, meaning that it will never trigger (since you'll never pull the last time counter off of the card because there are none left). The only real problem with this card is... nothing. Sure, it can't affect creatures with hexproof or shroud, but you can't really blame that on the card. For the price and what it does, this card is pretty perfect.
Pros: Turns something into a sheep (effectively) at Instant speed
Cons: None, really