I've actually played this a couple of times in some Grixis style draft decks, usually U/B splash R. I did fine with them, but didn't really need the wand. I'd already have control of the board when I drop the wand and it would just clean up or help me win faster. I think one of those decks had triple Fleeting Distraction which is amazing with the wand, but still not really worth it.

Not a fan of the card. You have to hold off on most of your spells until after you've payed 7 mana to get it into play, and then cast whatever spells you have yet to cast by that time. Even with a few Mnemonic Walls, it still seems, as you put it, clunky and generally ineffective as a late drop.