Ironbeak Owl is totally getting nerfed. There's no way they will let that thing live.
On the card itself, I think it is reasonable. It becomes a 4-Mana Ironbark Protector if you have a (0) cost Molten Giant. However it cannot copy an enemy minion's Attack and Health, which is kinda bad.
Overall, I don't think it is a bad card. It just needs to be in the right deck, which may or may not exist.