As a potential way to strengthen the card, it could be given a hard casting cost of U.  This would add some flavor and flexability and allow it to play smoother in drafts or other limited formats.  Under this secanario the X would obviously have to be zero thereby turning the blue hardcast into a cycled renewed faith (sort of) and could then be used as a fast effect to avoid lethal damage.  The flavor of the card can easly dip into blue for this.  I am not sure if the card should take on this additional complication however a cross color suspend could be interesting.

Somber Meditation
WWX
Instant
Suspend - X
Target player gains 4 times X life.
You gain 2 life.
Draw a card.
Ignore all distractions, focus the body.


I think this card is a good way to combat aggresive decks and tip the hat to a type of card that typically finds itself weak in constructed: lifegain.  This is mostly due to that fact that it replaces itself and can be cast at instant speed reducing the suspend drawback.  A cast of WW1 at the oppoents EOT nets you a near immidiate six life and a card.

edit:
So to clarify, the card should have no cost with a suspend alternate cost of WWX (sorry still new to this). So I think the card should read:

Somber Meditation
Instant
Suspend X -- WWX
Target player gains 4 times X life.
You gain 2 life.
Draw a card.
Ignore all distractions, focus the body.