I'm definitely wary of cumulative upkeep. I've never liked it as a mechanic at all. I like Fading more as a mechanic, but I don't think it evokes the right flavour with this card. As for this being a huge swing in your favour if it sticks around and a huge swing in your opponent's favour if it doesn't, that was what I wanted it to be.
Norm4eva, your comparison to Helm of Kaldra is apt, but a little bit flawed, I think. Although Shield of Kaldra costs

to cast and equip, once it is in play, the relevant cost is only

. Furthermore, it not only protects the equipped creature, but it protects itself and the other two Kaldra equipments, in addition to having the inherrant card advantage over any creature enchantments. I think that

{W}{W} would be excessive, although I'd certainly be willing to increase this card's cost to

{W}{W}.
In defense of this card, I'd like to cite [card]Inviolability[/card]. Yes, it only gives it full damage prevention, but that
is a significant portion of indestructibility. It costs

{W}, is common, and has no drawback. I don't think that indestructibility is so good that giving this enchantment a slightly higher mana cost, a drawback, and possibly a higher rarity would make it any less fair than Inviolability.