Between all the artifact strategies in MH2, along with that one +1/+1 counter Limited archetype, this should be serviceable in MH2 Limited. Modern itself? Not too sure. For the most part, leave it to the Commander players looking for a literal artifact sac engine.
Even in EDH I can't see the appeal to run this over Arcbound Ravager for the same purposes. And no, having both doesn't help. There are enough tutors and recurring cards in the format. Won't make the cut in my decks.