I personally think this is really good. Control Mage would run 4 Frostbolt for early removal if they could, and a lot of times you just need 2 damage to kill a small minion instead of 3. Then you get the 1 mana 1/2 on top for a little additional value.
The Mage quest will also likely revolve around Elementals, so this, Water Elemental, and Pyros start to form a good skeleton.
I think the best comparasion is Disciple of C'Thun on it's own, disciple is better, but, this card can use spellpower effect (Bloodmage Thalnos or Cult Sorcerer) or be discounted by Sorcerer's Apprentice, yeah Disciple can use Brann, but this is rotating out. Both bring synergy to the deck as well. But also this can be played on turn 2, to deal with 2/2's 2/1's 3/2's slightly faster than disciple. Overall i liked the card.