With a cheaper cycling cost it would be insane. As is, it's a bit too slow to counter early fetchland activations, which would be its most backbreaking use. It does counter Wasteland, but are you really keeping 3 mana up against Shops or White Eldrazi?
In the later game it does stop Storm triggers, as you mention, and also Planeswalker ultimates, but I'm not sure that's enough to make him worth playing. At least 3/1 flying is not at all bad for flashing in and killing Jace or Dack.