I agree this has no place in the meta, but I think this card is actually very, very strong. Certainly the strongest one I've seen in Rivals so far. I say that because, in a shell that can sacrifice it, it is potentially an insane draw spell OR a disruption piece, depending on what you want.
The key to this thing as a draw engine is that, unlike Jar, you get to keep your bonus hand. So, you cast this dork with, say, 5 cards in hand. Exile your hand and draw 5. If you then sacrifice the enchantment, you get your original hand back and keep the cards you drew. That means this is 3 blue mana (plus whatever burden the sacrifice outlet puts on your deck) to draw up to 7 cards. That's really, really good. Even if you think it's usually only drawing you 3 - 4 cards, that's still a very good rate this side of Ancestral Recall!
And, if you're in a combo shell, you can also spring this on your opponent to force a psuedo-mulligan if they've been sculpting their hand for a bit. That's what puts it above, say, Hatching Plans in my book.
Personally? I'm sticking these in my Auratog / Parallax Wave casual deck. But, I think this is powerful enough to form a core of some kind of weird rogue deck in Modern or Legacy.
EDIT: And, of course, this card blows nuggets if you draw it without other cards in hand...