Its drawback may look like its very punishing and can allow the opponent to surprise you via a mid-combat spell, but I never really saw that scenario play out since its damage prevention ability is a a conditional static ability so as long as its on when damage is dealt, it wont be prevented. (Thank you, @fenaris!) It usually plays out somewhat like a colorless Ashenmoor Gouger / Chimeric Idol where you typically dont bother trying to block with it (why am I blocking with my aggro guys anyway?) and, if need be, you cast a spell pre-combat to activate it (typically I used a large coin, like a quarter, to denote whether it was on or off)
The potential is there for this one in the synergy and value department, but how often are you going to want that over the existing options and beating your opponents' faces in with cheap/free Myr Enforcers and Frogmites
you dont have to worry about any of your favorites being removed from play for at least a couple of expansions
Lumbering Falls is templated just like its ancestors, two of which are Lavaclaw Reaches and Celestial Colonnade
This means you can stack combats so long as you have 3 opponents, requiring you carefully math out the damage to leave each of them alive long enough to end the game in a single phase