I like it. I think it's the first card to support Imp tribal. As well as Devil tribal. But you know your EDH deck with him is going to use all three tribes he represents.
The one or more clause stuffed this card up big time. I also had a hard time explaining it to my friend who didn't notice that and got excited to play his Bojuka Bog.
I'll admit, the Jellyfish Hydra is pretty good. But based on my experience with Niv-Mizzet, Parun it's one of those cards i'll cram into an EDH deck and rarely see it ever come into play. Let alone become a reliable and necessary card.
Meteor Golem, Ulamog, The Ceaseless Hunger as removal.
Most importantly, artwork with piggers.
How can anything go if some things can't go?
As a sidenote, the Portal Three Kingdoms variant of this Spring of Eternal Peace has quite nice art.
You could always try starting something new if you can get players to agree to it.
Like a 200 card deck minimum and at least one card of every color. So a format of every deck is 200 cards and 5 colors.