I ran it for a while when it first came out and it was pretty bad, and my cube was at a much lower power level then than it's at now. I mean like Guildgates for fixing, and no planeswalkers lower power level. Most of the problems with it have already been spelled out in this thread. It typically has zero board impact the turn it comes down, because your opponent has so much control over what the triggered ability does it rarely does what you want when you want it to, and devotion is hard to turn on when you need it to be a creature. All of this makes it very hard when you're behind, and it takes too long for it to gain significant value in faster cube environments. Players who tried it said that it often just sat in their hand because there was rarely a good window to even cast it in, because almost any creature or removal spell is better, so I cut it after a few drafts. There are just too many better options.
To give you an idea of exactly how many better options for Orzhov in cube, in this year's Power Rankings vote no one cast a vote for Athreos as one of their top 10 Orzhov cards. Here's what was ranked ahead of Athreos in order:
Based on my experience with Athreos in my cube, I agree that I'd run any of these cards over it.
I do, however, include it as one of the 3 Orzhov generals in my EDH expansion. It gets quite a bit better there because in a slower multiplayer environment it's more likely to grind out enough value to make it worthwhile, and since you can choose which opponent make the decision on the death triggers based on life totals or temporary alliances you are more likely to actually get the result you want. I wouldn't recommend it for a cube geared towards dueling, though.
To give you an idea of exactly how many better options for Orzhov in cube, in this year's Power Rankings vote no one cast a vote for Athreos as one of their top 10 Orzhov cards. Here's what was ranked ahead of Athreos in order:
2 Lingering Souls
3 Sorin, Lord of Innistrad
4 Shambling Vent
5 Anguished Unmaking
6 Gerrard's Verdict
7 Sorin, Grim Nemesis
8 Magister of Worth
9 Ayli, Eternal Pilgrim
10 Unburial Rites
11 Sorin, Solemn Visitor
12 Kaya, Ghost Assassin
13 Orzhov Signet
14 Desolation Angel
15 Mortify
16 Utter End
17 Tidehollow Sculler
18 Ashen Rider
19 Kambal, Consul of Allocation
20 Sin Collector
21 Obzedat, Ghost Council
22 Zealous Persecution
Based on my experience with Athreos in my cube, I agree that I'd run any of these cards over it.
I do, however, include it as one of the 3 Orzhov generals in my EDH expansion. It gets quite a bit better there because in a slower multiplayer environment it's more likely to grind out enough value to make it worthwhile, and since you can choose which opponent make the decision on the death triggers based on life totals or temporary alliances you are more likely to actually get the result you want. I wouldn't recommend it for a cube geared towards dueling, though.
450 card Peasant cube thread. Draft it here.