Could have been interesting as an instant. As is, you might aswell cast Fabricate for 3 mana and hardcast your artifact normally. That costs 1 mana more but you don't have to sacrifice an Artifact. And, depending on your deck, Fabricate is easier to cast since it requires only one blue mana. Shaving off one mana just to add a bunch of downsides to an already decent card from one set ago doesn't make for a good rare I think.

I remember being quite disapointed when pulling this as my rare, considering that Fabricate came before it in Mirrodin and that was an uncommon. I am really unsure, why development made the powerlevel of this card so ... meh. What type of player demographic was this card designed&developed for?