- Costs 1 more XP
- Costs 1 more resource
- Has 2 fewer charges
- Doesn't give you a free move
- Does 2 points of damage
- Might cost an extra 2 resources if you draw an , +1, or 0
This is looking like a less attractive upgrade, especially since a bad draw with Mists (4) still only costs you 1 card. Alternatively, if you compare it to Ineffable Truth (3), you are getting a +1 and +1 damage for a cost of 2 XP and the risk of an extra resource lost on an unfortunate token pull. I suspect it will take a very specific deck to want to upgrade beyond the 3-level version of the card. I guess Meat Cleaver Agnes can use this to do 8 damage to an enemy in 1 turn, leaving it exhausted at the end, but Agnes has a lot of ways to hand out hurt.
It also doesn't compare all that well to the higher-level versions of Mists, although you probably want to look at Ruduen's comments on the "good token" vs "bad token" suite in the Azure Flame review.
Obviously, 2x Arcane Research mitigates some of the extra XP issues, but you could still be spending that XP on cards that provide a bit more punch for the cost.
TL;DR? Level-0 is fine, but, if you are going to upgrade, you might want to stop at the 3 XP version.