The main reasons it has never seen play -- it's too slow and destroyed easily -- have always been true. Now, Phyrexian Revoker exists at all.
Imprinted with Brainstorm for unreal card quality
Just play Jace instead.
Right. The main problem with it is the opportunity cost: if you're playing it for 4 (since playing it for 2 is begging to be two-for-oned), you could have played Jace instead, and in most cases Jace is more useful and less fragile than your instant on a stick.