One mana cheaper but one extra life per card. But it's also a sorcery, so overall worse. Pretty sure Black generally has the market cornered on "draw card for life" so not surprised by this.
In commander it’s a tad worse, though you still have the other side for some flexibility or build-around potential. In standard, being just one mana cheaper could make a huge difference if ‘spells matter’ becomes a viable archetype in those colors, especially if there are cards you want in the ‘yard.
MDFC cards are only the top face while in non-battlefield / command zones, correct? Black has a lot of dirt cheap return-creature-from-graveyard-to-hand effects, making it pretty easy to cast this repeatedly and dodge the commander tax.