1) In many situations where the players are in a tit-for-tat trade war, the deathrattle is simply ignored, since there's nothing to send to your hand anyway. In this case, it's simply a card that's strong for cost with no drawbacks. Comparing to Chillwind Yeti, it's slightly stronger for cost ignoring the deathrattle. Keep in mind that this doesn't still mean truly NO penalty, because it will induce a downside much like Soulfire / Doomguard, where while the penalty can be ignored, it limits when you can play it.
2) I think one of the strong things about this card is where it aligns stat-wise. It's not just good stats for cost, but it lines up to being in a good range of stats as well. It can kill Sen'jin Shieldmasta and Chilwind Yeti in a single attack without dying, which are 2 popular equally-costed cards. It kills Baine or Cairne with a single hit and still survive, which has interesting repurcussions; no other 4-drop or lower can do this, other than King Mukla.
3) It will be interesting to see how this interactions with Sylvanas. I'm not sure what the deathrattle order is, but it's possible you could use this card to trade with Sylvanas and send your own powerful minion back to your hand.
4) This card synnergizes incredibly well with SI-7 and potentially other good battlecry minions like Defender of Argus and Novice Engineer (in the current meta at least, in constructed, it would likely just be the SI-7 though).
So all in all, I don't know how strong this card will be, but I foresee interesting potential from it, and I don't think people should be so quick to write it off.