One drops with Menace are no joke. With the lifelink and life gain from pest, it also gains quite a bit of life. Then it offers small bodies you can sacrifice.
I think the card has a fair amount raw power, the issue being how often you have a deck that is aggressive, wants life gain, has sacrifice synergies, and has mana to spare. Black already has tons of recurring creatures, so I don't know if the aristrocrat deck wants this mana sink.
Fun but not very powerful hybrid golgari card. Valentin requiring 2 mana and an opponent's creature to die makes it hard to use (as you can't abuse sacrifice effects). Lisette is decent and can do work in a shell abusing +1/+1 counters, but also quite fair.
In general this card seems suitable only for lower power level cubes, but a hybrid card with interesting effects like this is nice to have in cube land.
The exile clause from Kalitas was cute and occasionally back-breaking, but I was never asking to put that on a bad topdeck by itself.
Except... Lisette is a 4/4 for 4. So we have a similar situation to Halvar. But an equipment that can be a creature is precisely shoring up the weakness of equipment. This doesn’t feel like an equivalent substantiation. Pass for me.