It's a one-time-only Assault Mode, but it's an exceptionally capable Assault Mode that can deal with all-purpose counters, and can follow up on its own against the slowness of Assault Mode Activate due to his Trap card
This $7.50 reprint also proves powerful in multiple different strategies
Azorius Control, and Bring to Light Scapeshift are some of the notable decks that can afford to play Chalice in the main deck, but many more decks will have access to it after game one
Liliana Vess allows the player to force their opponent to discard cards, allows them to search their library for a specific card, and can return all creatures in both player's graveyards to the battlefield under their control, flooding the board with creatures for a huge swing, which will often lead to the end of the game
Tempo plays like bouncing permanents back to an opponents hand can stall their progress, while copying and stealing spells lets you use their own weapons against them
If they go to draw and find they cant, the entire team loses