Pointed Discussion

Holy.... this thing is insane! In an esper deck you could flood the field with 2 drops in about 10 seconds.

Wrong. You couldn't flood that fast. It'd be more like 10 mins.
You have to take all coloured artifacts out of your deck with a CMC less than what you played. Then choose one at random and play it.
Then remove all the ones that had a cost equal to or greater than it from that pile, and choose again at random.

And once the chain is over, you dont get to shuffle those cards into your deck. All those cards you took out have to go back in the same places.
So you can also tell whats coming in the next few turns.

Key words here are "for the first time in a turn".

The Oracle text doesn't match the hand and life modifier on the card . . .

It takes a very specific deck to run, but giving the first spell each turn (from the right deck) not-cascade is strong.

Personally I think the key drawback here is "colored artifact spell," of which there are very few printed.
You could make a silly Stax/affinity deck with tangle wires, smokestacks, frogmites, myr enforcers etc if it only said "artifact spell"

Reason number many why Tezzeret the Seeker and Tezzeret, Agent of Bolas are not ARTIFACT planeswalkers. Would stupid broken beyond belief.

fun with Rage Extractor and Phyrexian Metamorph

This is pretty good considering cards like Master Transmuter, Baleful Strix, Phyrexian Metamorph.