Nowadays, its absolute garbage
It even draws cards for each color among permanents that a player controls
Ward for three life on a 3-mana 3/3 with menace and lifelink is really good on a generic creature
Oath of the Gatewatch and Battlebond have since normalized this kind of rules language, and this card looks like it would slot in perfectly as part of blacks limited, but powerful, suite of mana rituals
205.1b Some effects change an objects card type, supertype, or subtype but specify that the object retains a prior card type, supertype, or subtype
Its an odd grouping of abilities, but it basically means theyre going to hit someone very hard, and theres not much they can do about it