Its drawback may look like its very punishing and can allow the opponent to surprise you via a mid-combat spell, but I never really saw that scenario play out since its damage prevention ability is a a conditional static ability so as long as its on when damage is dealt, it wont be prevented. (Thank you, @fenaris!) It usually plays out somewhat like a colorless Ashenmoor Gouger / Chimeric Idol where you typically dont bother trying to block with it (why am I blocking with my aggro guys anyway?) and, if need be, you cast a spell pre-combat to activate it (typically I used a large coin, like a quarter, to denote whether it was on or off)
The reason he is good is that he does a lot of work in the control match disrupting and posing as a threat while he is still a great tempo play against an aggressive player
Furthermore, because it is shared across different cards, it looks a whole lot like a resource transmutation mechanic
Thrasios, Triton Hero A powerful mana sink that converts extra resources into long-term value, making him extremely reliable in slower or control-focused games