The key wording on this card is prevent all damage that would be dealt, and thats what elevates it even higher
Illustrated by Johan Grenier Standard Not Legal Alchemy Not Legal Pioneer Not Legal Historic Legal Modern Not Legal Brawl Legal Legacy Not Legal Comp
Well, Krrik, Son of Yawgmoth is a seven mana 2/2 with lifelink that gets a +1/+1 counter on it whenever you cast a Black spell
I am not one of those great math guys (I studied technical physics only), but if, for example, Creeping Chill got banned instead of Faithless Looting we would be left with 14 free spells
(So much so that now most of the cheap acceleration we make costs at least two mana.) You can start powering out your threats quicker than your opponent, putting you at a sizable advantage
The main exception is Instants Instants, like Sorceries, represent one-time-use magical spells that go to your graveyard after they take effect