The problem with Vampire Baby is it can't destroy a monster since the attack is too low, which makes its effect not viable. You can increase its capability by using cards such as Riryoku or Buster Rancher to increase its attack.
Special Summons from your opponent's Graveyard
How the can this dude destroy a card with those shitty 700 atk?
They changed the name because it is a "Vampire" card via its Japanese name. When it was originally printed there were no cards that supported the "Vampire" archetype, so they had some creativity to play around with the name. But when the "Vampire" series became an archetype, they had to change the name. (archetype conditions are used as scarcely as possible)
This card + Riryoku can make some interesting plays.