Of courseif you get this late and have more lands than your opponent it basically does nothing and that is a significant downside Giving yourself hexproof almost never matters in Limited You can use this to sort of give you more life to work with, but the main problem with that is that if youre dropping to 0 life for some reason and your solution to that problem is Phyrexian Unlife wellyou probably didnt really deal with whatever is about to drop you to 0 life, so youre likely to get poisoned pretty quickly

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The ability is always useful, name a time you wouldn't want to put an extra land down, scry, or draw a card
Chatterfangs ability can be used to remove problematic creatures with smaller amounts of Toughness like Grand Abolisher
Thats a whole lot of bang for your buck
Whether you play Mono-Black Skeleton tribal , Reanimator , or Graveyard recursion decks , these sleeves set the tone for destruction and resurrection