This is better than BEUD in speed. It will have a minimum of 3300 atk, plus immunity from card effects that target it. I'd take card immunity for a 1200 atk cut, more likely to be less of a cut even.
From the wiki: "This card bypasses the usual pitfalls of costs and destruction effects. It essentially has two effects. The first targets your monster when its activated. The second--which only activates after your oppoent is done chaining (if they bothered)--tributes your monster and targets/destroys an opponent's. So, your opponent can't use effects like Prime Material Dragon or..."
"...Stardust Dragon (since nothing will be destroyed immediately). And, if your opponent negates this card, you don't tribute. However, keep in mind that continuous effects still apply. (I.E. You can't target a dragon with Lord of D. on the field.)"
So in other words, it DOES target. The real problem is that the destruction effect happens as the card is resolving, so effects like BESD's can't activate in response.