Sure, this may only be a 1/1 for 3, but think of the possibilities! An old Simic player would be very, very sad and you'd have a huge creature. Late game against a green/white deck will probably give you a decent-sized creature as well. In an EDH game, you'll most likely get a nice creature too. Aside from the size of the creature, this card's counter-stealing ability can make your opponent really sad (like if they have a creature like Savageborn Hydra). However, if no one has +1/+1 counters, you're only getting a 1/1 for 3, which sucks. But, with the prevalence of +1/+1 counters, it will usually hit rather than miss.
Pros: Steals +1/+1 counters, can be huge
Cons: Requires at least 2 +1/+1 counters on the field to be worthwhile, takes all +1/+1 counters