Pointed Discussion

Looks like that card kind of inspired Evershrike, although with much more blue flavor - it takes control of an aura when casting the creature instead of reanimating the creature by casting an aura (like Animate Dead).

Using Auras with it that have a trigger when they enter of leave the battlefield should proof to be the most useful with it.
False Demise or Shade's Form for example create a great loop!
Unless your opponent exiles your Drake it will always return - now if you need a win-con just use a saccing engine.
Pattern of Rebirth also does a good job, and Bequeathal can provide some cheap card advantage.

There are also other notable cards, such as Private Research, Elephant Guide, Griffin Guide or Necromancer's Magemark, although these are by far not as awesome as the other alternatives.

False Demise and Blasting Station
Also, I wonder if the reminder text should not be just rule text.

This card could be amazing if you play it the turn after countering your opponents' Blanchwood Armor or Eldrazi Con***ion. It may go without saying that you better make sure there's something worthwhile in the graveyard though; if the only aura there when you play this is Pillory of the Sleepless then your creature's costing you more than not playing it.

@saaroth:
The Blanchwood Armor wouldn't do you much good unless you were playing green as well.

This, false demise and altar of dementia or ashnods. Good times. Good times.

false demise+ ashnods altar+ psychic drain= nostalgic days...

Let's put Pacifism on it.

Eldrazi Con***ion. Epic Proportions. Lance. All great auras, but how are you supposed to pay the mana costs? Or do you even have to?

I think this is the beginning of a reanimation deck that uses creatures to bring back auras, rather than the other way around.

Chime of Night + a way to bounce this (I prefer Disappear).

I don't think people understand how hilarious this card can be... I can't think of any other reason this card is less than 4.

Dropping enchantments into the graveyard is not hard, especially with blue's abundant discard. My favored partner for this creature is Looter il-Kor, himself a great recipient of auras like Armadillo Cloak and Snake Umbra, etc. Attack, then Drake comes into play with something obscene like Elder Mastery, Mythic Proportions or of course, this.

Now, let's see what it can do with boon creatures...Any takers? Not that I expect any kind of dent to be made in Legacy, and Standard and Modern will need to wait for this to be reprinted before Theros rotates out to consider being dented. Now whether that will happen...

@Garbagegatherer: The Oracle text doesn't include any kind of parenthesis. It gets reprinted, no reminder text.