You'll put a time counter on it at the beginning of your upkeep, and once you have at least one you'll be able to Time Travel (or proliferate) them to either of your hearts' content!
People avoid walking into it and play a lot less low toughness targets than before
Spells (Blue/Red) Red and blue are both colors that like to throw around a lot of instants and sorceries, and the Foundations archetype reflects that by rewarding you for casting a lot of noncreature spells

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Qarsi Revenant 3 Toughness on a three drop is not where you want to be at the moment