Yeah, at one point Red-Eyes and Blue-Eyes decks dominated ‘cause of Champion’s Vigilance. They’d prevent summons etc.
Konami released numerous ways of easily and rapidly special summoning high-level dragons: totem dragon, kidmodo dragon, kaibaman/black-chick, ancient rules, dragon rebirth, etc.
Eventually though it was (rightfully) nerfed when they limited Champion’s Vigilance
If anything, this is better than Mobius and Fenghuang because it has nice defense and doesn't die to Enemy Controller/Etaqua. It's going to be a pain on the ass to see all the decks using Soul Exchange and this to wipe out your backrow.
Oh wait, it needs to be tributed with a dragon-type. That somehow balances it? I don't know. Decks as Red-Eyes don't use their normal summon that much so they could use this to wipe out backrow. Also lol at this guy having almost the same stats that Red-Eyes has but being level 6. Oh well, out goes the idea of using it with Soul Exchange.