This is worse than Crypt, for a single reason: every game aganist Ichorid is a race. Tormod and this gain you a few turns, but it's still a race. And this does two thing that slow down your race:
1) It forces you to keep a mana untapped to activate.
2) It also removes your graveyard, and most decks in the fomat rely on it one way or another.
So, IHMO it's worse than crypt.
Elfrago, my point of view is not that it is better than tormod's against ichorid. I agree with you, i prefer tormod's against ichorid.
My point of view is : this card can be put in main - cause reusable and cantrip - when tormod's is rarely directly included in main cause often pretty useless.
For instance, adding 2 of those in the main - of course in a deck that does not heavily relies on its graveyard - can really help you having a nice chance in game 1 against ichorid, but also against "will decks". Thanks to thoughtseize/duress effect, you should be able to quickly know if "Relic of Progenitus" has to be recycled or if it is a nive silver bullet.
Then of course, it does not prevent you from siding in tormods in game 2.
According to me, as for repeal that is included in some builds because : "if not usefull, i will be able to cycle it / If usefull, then I am very glad to have it in hand", I think Relic of Progenitus can become an auto include in many decks not relying strongly on yard and not playing null rod (well, I know this excludes lots of vintage viable decks

)
For instance, in a painter deck, I think I would add one, to have a main deck yard manipulation card, to be able to remove Gaea in game 1 if played in main - oath - and to be able to cycle it if not needed (or to discard it to thirst if played). I really like that card

This card is made and has been designed for vintage. My bet : it will be used and used widely in vintage.
Then, just a thought : with the new unrestrictions and this new extension containing cards like Relic, an extension that looks like it was made for vintage - tepheret has been designed for a format with cheap, powerful and numerous artifact, a format that does not play direct damages, a format where some strategy relies on having no creatures, some other one on playing quick creatures... let say vintage - I feel like it is a clear message from wizard to the vintage community : "we hear you and care about you". Thanks a lot Mr Wizard.