(Sidebar, @Happyface1515: Outwit cannot counter this. The comes into play ability targets you, but that is a triggered ability separate from the creature. Stifle can counter that, but I would not suggest it from the opposing player, then it would just come in as a 4/3)
I think this card, along with Phyrexian Obliterator are the two creatures most recently that divide good players from more inexperienced ones. This card isn't broken. It isn't bad either, it is pretty fair. Other comments have asked "What is the downside" or called this "ridiculously overpowered"
The downside is very significant, your opponent decides on whether this is a 4/3 creature or a sorcery speed 4 damage to player. Both of those are good, but since your opponent chooses, you get whatever is easier for them to deal with. A player with a Go for the throat, lightning bolt or even just a Delver of Secrets doesn'... (see all)
Posted By:
Enelysios
(6/30/2012 9:28:51 PM)
I don't even treat this as a creature, because no one will ever allow this to stay on board.
Sometimes it's not even that cool since when they DO let it stay, it's because they have some sort of response to it (either they're planning to wipe the board next turn, or they simply have superior board control that this doesn't threaten them).
But hey, 1 cmc for all that, it isn't bad at all.
As it has been said though, it's easy to underestimate AND/OR overestimate this card.
Posted By:
Dabok
(7/27/2012 7:06:06 AM)
Not the best card ever because if you play competitively you're letting your opponent choose what you're doing with your mana. Post-rotation I think I'm going to play him in a Burning Vengeance Havengul Lich deck though. See if they want to pay four life more than once or twice...
Posted By:
MindAblaze
(8/6/2012 10:35:57 AM)
"Playing Vexing devil+Undying Evil then passing priority, better outcome. The opponent either pays 8 life to kill your 5/4 devil. Or they can pay 4 life and make him a 5/4 for 2 mana.The devil is quite a bargain for 2 mana."
If you cast Undying Evil in response to the enters-the-battlefield trigger, your opponent will only ever let you keep the devil and Undying Evil won't do anything. A 4/3 is still pretty good for 
though.
Posted By:
TheShadow344
(8/11/2012 2:06:24 PM)
Turn 1
- Mountain
- This (doesn't matter if they take the damage)
Turn 2
- Mountain
- Spark Elemental
- Blazing Shoal discarding Thunderous Wrath
- Any three damage red spell (Lightning Bolt, Chain Lightning, Lava Spike, Brute Force, Assault strobe)
- Swing with the elemental and the devil if it's still there
- Sacrifice two mountains Fireblast
20 on turn 2 in mono red.
Posted By:
Jack-o-Crow
(9/23/2012 8:39:37 PM)
If you play this early, you're likely doing 4 to the face for one mana. If you play it late, you're likely getting a 4/3 for one mana. Can't complain about that.
Posted By:
nopemx6
(9/28/2012 1:16:41 PM)
Card is not any good in a Commander deck, four damage to stop something is negligible but this could go into either a regular burn deck or even a red Storm deck. Having spells that cost only one mana is good and if your opponent chooses to take four damage, then that's less that has to be stormed up. I do realize that LB would be better for damage since they could let the Devil hit the board, but these two cards would be good together.
Posted By:
wholelottalove
(10/2/2012 7:13:34 AM)
This is either four damage to the face and a creature in the graveyard on turn one, or a 4/3 beatstick on turn one.
Why cares if your opponent gets to choose between bad and worse? There is no good option here, so it's irrelevant. Pain and suffering for everyone.
Posted By:
DoragonShinzui
(10/4/2012 9:06:47 PM)
Good synergy on turn 4 with a Brimstone Volley.
If they take the 4 damage, hit them with another 5. If not, they can still take 3 anyway or you can save it and play something else like a Guttersnipe
Posted By:
pedrodyl
(10/6/2012 7:10:46 PM)
This is my favorite addition to my Unleash/Rakdos deck. I have 4 of these bad boys as well as 4 Searing Spear, I try to wait to cast Vexing Devil so that I can afford both as well as a Cryptborn Horror after my combat phase. With any luck, the Cryptborn Horror will be much more intimidating than the 4/3 Vexing Devil and the opponent will be in pain.
Posted By:
stuffytoast
(10/18/2012 2:01:04 AM)