Its even great for assembling combos
A PSA 10 copy of this card sold for $25,400 in 2020 (Source)
For a quick aside on that first point: There's a deep irony about this entire issue, which is that because of the text "two cards in your hand drawn this turn," While this is a massive issue in paper Magic , it's a complete non-issue for digital Magic because MTG Arena always knows what cards in your hand were drawn this turn
Thought-Stalker Warlock: Thoughtseize on a cheap menace creature is honestly kind of amazing
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Its obviously a much less powerful card overall, and you cant just throw it into a deck with no concern for what else is in there, but its possible there is a deck built with The Cauldron of Eternity in mind and then this deck could want Gray Merchant, but it really has to be a dedicated self-mill deck for it to work, because if you cast Gray Merchant and it dies naturally (which is the most common play pattern), it doesnt work with the Cauldron unless the Cauldron isnt on the battlefield yet