You can lead a deck with him, but he's mono-Blue so you'd need a good tribe like Merfolk or his Illusion type
It's in these decks where it really shines, acting as part of the deck-wide Faerie creating engine
You can grab /any/ card in the game with it, and stick it on top of your library
Besides, if you get a hit in with old Grisel, you convert that 7 life you just gained into more cards
Mono-red (also known as "Red Deck Wins") is an archetype we regularly see pop up across all formats
Others, like blacks relationship with mana acceleration, have undergone a surprising amount of change in terms of how many cards they receive with the ability to generate extra black mana and how comparatively restrictive they are versus a card like Dark Ritual, one of the first and strongest go-tos for mana acceleration during Magics early years