This should be pretty good in the context of Orzhov limited. You'll probably end up using it when you have a decent number of extort triggers, and are in need of a chump blocker.
Could see play in the SB of a token deck as graveyard hate. It's less effective than rest in peace, but cheaper, develops your board, and gives you the chance to blow them out (i.e. cast this in response to unburial). With rest in peace, they never try to unburial so you can't "counter" it and get them to tap out for nothing. There's also the fact that rest in peace makes lingering souls significantly worse. In a lingering souls token deck, I would think the go-to cards are purify the grave or cremate.
In tokens, I think a 1/1 flier (that is likely pumped up to 3/2 or so between intangible virtue and sorin) is better than drawing a card, but I'm not sure. Drawing a card gives you a land almost half the time, the other half of the time you get a spell, but it might be overkill (i.e. you have more cards than mana to cast them) or too-little-too-late (the flashed in blocker or attacker wins the game, but drawing a card is too slow). There's also the fact that this card is easier on the mana, black is usually secondary in tokens so cremate is unreliable. Purify the grave might be better since it hoses two unburial activations, but the flashback is significantly worse since they see it coming, and will just cast creatures instead (still helps you, but doesn't blow them out and the extra 2+ power flier might have been enough to seal the game before they can take over w/angel of serenity).
I don't know though, I wasn't even aware this was a reprint. I'm guessing it's from Shadowmoor block since that's the block I've seen/drafted the least since it never gets revisited on modo and had the most hybrid cards. Did this see any play in Shadowmoor standard? If I'm not mistaken, there was a dominant b/w token deck then featuring spectral procession so it seems like if there was ever a time this would be good, it would have been then.
