Make of that what you will ... My thoughts are starting to crystallize now based on this simulation.
The sim barely matters. If the distribution is uniform, this card is useless. If it's a Dirac delta, it doubles the expected value of a normal draw. The problem is that in Vintage, the distribution is actually closer to a unit step. Ie. Do I have enough lands? Yes: I don't need any more and drawing one verges on worthless.
So let's presume a 20:40 split on turn 3. 40 cards matter, 20 don't.
4 possibilities:
We both see junk (1 in 9)
We both see something we want (4 in 9)
I see something I want (2 in 9)
You see something you want (2 in 9).
So 44% of the time I activate this, I'll be happy I did. By contrast, I'm happy 100% of the time I activate Deathrite Shaman.