I know saying this is anathema to the format but combining mill and exile makes me think this is one of the more viable mill cards ever printed. This card alone in half a deck in limited formats which is insane, but still its a 1/3 of a deck in constructed formats that have far more velocity.
As a tool against dredge it keeps them off actually dredging, presumably it would be in tandem with other hate cards, but could actually be enough combined with how they have to cycle cards to flat out win the game.
Milling is typically not considered good because you may actually be powering up graveyard strategies, but this does not do that and has decent chances to actually mill relevant wincons and singletons from a persons deck over time. Still has risk of course but I would not be suprised at all to learn of someone winning off mill with this in the future.