It's okay, I guess? Cat Tribal Commanders will like this, and the fact that you can Mutate into a token means it has obvious synergy with go-wide strategies... but for Standard, I think the big butt + Lifelink makes it a good sideboard vs Aggro but that's it. I don't think Standard has nearly enough support to slot this in a viable deck.
If you have a creature with a mutate trigger down with P/T 2/2 or 3/3 I'll pay 2WW to get a 2 Mutate triggers and the upgrade on the body. I definitely don't want to Mutate this onto the bottom of the stack but it is right on curve.
Edit: But, as it stands now there's actually a few things I'd happily Mutate on to:
Trumpeting Gnarr creating a 3/3 beasts and 2 1/1 cats doesn't seem like a bad idea
Vadrok, Apex of Thunder is actually a pretty small body, why not give it a big ass and get a free Teferi out of the deal
So, looks like T4 gives you lots of reasonable options with this and then of course, mutating again on top of it only gives you more tokens and whatever other triggers. The more I'm seeing these mutate monsters the more I can see battleship magic actually working.
My Pioneer GW Cat tribal deck wants this. Looks fun.
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