A 2/2 zombie is practically nothing, even if you can trigger this multiple times
This includes the upcoming Tarkir: Dragonstorms and the extremely popular UB set dedicated to Final Fantasy
However, the critical lesson with these game objects is it is very hard to envision how they will play and they need to be assessed through a good chunk of testing
I don't really consider the creature side, though, and it DOES mean that it can be hit like a creature as well, so the card does have a downside
Path to Exile is always creeping up, as is Swords to Plowshares, and for good reason
The most important thing this does, and why the card is so powerful, is that it prevents your opponents from casting their Commanders for as long as Magistrate remains on the battlefield