I personally use it in Vela-Aristocrats for its ability to generate a steady supply of bodies. It's a deck that also runs effects like Blade of Selves and Mirror Mockery.
Well, the video already highlights the most important problem (dies to removal, yadayadayada), but, it also has the potential to create a lot of fun chaos. Just wish you didn't have to do a full lap of the table before it becomes effective.
Running a few powerful cards with Dredge is always an option. Given that you already run fetches, Life from the Loam is a very obvious one. Golgari Thug could generate quite a bit of value for your deck.
Thanks everybody, that was really useful. One last question though. If Liliana, Heretical Healer gets sacrificed off the trigger on Wake the Dead with at least one more creature, does she still transform?
From my personal experience this card is kept in check by one thing - politics. If you drop a turn one Sol Ring into a turn two four CMC commander, you just painted a massive target on your head. The more people in a game, the less likely it is that I'm dropping it on turn one if I have the option to do so.
As long as a card doesn't have a spectacular drawback I'll pay almost any red instant speed cantrip with CMC 2 or less. "Draw a card for each creature you control" or "At the beginning of the next upkeep draw a card for each creature you control" for R or 1R is pretty much always worth it. There have been plenty of times where I cast Balduvian Rage with X as 0 with only a handful of creatures just to build momentum to the eventual big blowout. Obviously the dream is having more functional cantrips such as Expedite and Crimson Wisps but cantrips in red are still scarce enough that it doesn't matter that the other effect of the card is less than spectacular.
I'd think that stuff like Treachery, Bribery and Desertion are blue staples. Another addition to your strategy from Kaladesh is Metallurgic Summonings. It provides both bodies for defence and polymorph fodder. Activating the second ability will be rare but the first one alone makes it worth playing in a strategy like yours.
One card I think might be worth considering that I missed in this article is Gallant Cavalry. Two 2/2 bodies with Vigilance for 3W seems like a good deal.
Shrieking Drake + Equilibrium = 1U: Return target creature to its owner's hand.
Shrieking Drake + Dire Undercurrents = U: Draw a card.
Shrieking Drake + Vela the Night-Clad = U: Each opponent loses 1 life.
Add Vela to the the firsttwo combos and it becomes:
Shrieking Drake + Equilibrium + Vela the Night-Clad = 1U: Return target creature to its owner's hand. Each opponent loses 2 life.
Shrieking Drake + Dire Undercurrents + Vela the Night-Clad = U: Draw a card. Each opponent loses 1 life.