It doesnt have many applications outside of EDH unless you wanted to get really spicy with Sorin, Imperious Bloodlord in Timeless, but in EDH it chews away at your opponents resources with a few clones
Even better, you can exile it after it is played and then you are able to play it again next turn creating a second Wizard token to deal a total of 2 damage for every non-creature spell you cast
Lothos what I like to consider a Mom card, a reference to Mother of Runes
Look at optimizing your manabase Being able to reliably hit your colored mana sources is one of the best ways to upgrade a preconstructed deck, so its definitely on the table for Upgraded decks
Agathas Soul Cauldron offers a combination of making your abilities costs generic, negating opponents recursion, buffing creatures, and building up a stack of abilities across your board