Caustic Caterpillar starts to look a bit more mechanical when you want to avoid the collateral damage of artifact and enchantment creatures. At least it's cheaper and you get life off it.
Oh neat, I can tutor for this narrower artifact/enchantment removal with Urza's Saga! (Now, I gotta admit that not being able to blow up the Saga's giant tokens with this bites....)
The fact that this is fetchable with Urza's Saga is HUGE in older formats. Up until now, the only way you could answer your opponents Saga with your own was to tutor a Pithing Needle, which yes, does work, but it also locks you out of your own future Sagas. It also exiles, which means it can take out indestructible artifact lands and things like Kaldra, Compleat. Just a very, very solid card that will absolutely see play in multiple formats most likely.
Caustic Caterpillar starts to look a bit more mechanical when you want to avoid the collateral damage of artifact and enchantment creatures. At least it's cheaper and you get life off it.
Source: MtG Facebook Chinese (Traditional)
This can't hit creatures though, so not 100% better, just different.
you can just use other creature removal spells on those like path to exile on the artifact creatures
The noncreature stuff are harder to get rid of.