If legendary weapon will be a thing, then this will also be a must in many decks. But I don't see play in any other scenario since aggro decks that use lots of weapon (like Pirate Warrior) will never lose tempo for a 1/3 just to recycle a weapon.
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For what profit is it to a man, if he gains the world and loses his own soul?
Hmm... that statline hurts any sort of widespread use. The effect itself is strong (drawing a card you have direct control over), but it's priced and statted in such a way that only specific decks who want its effect will run it. We'll have to see the other weapons in the set.
I think that's pretty decent. The power of this card obviously depends on how many good weapons a class can have. I don't think that someone would play this just to recicle Atiesh, Since Medivh it's only a legendary, this guy is dead in your hand until you draw Medivh. It could be pretty strong if the warrior's legendary weapon is strong, since you can fetch that with Forge of Souls and then recycle it with those guys. We'll have to see, for now it seems only a decent card for some kind of control warrior (you can even use it to take Sulfuras back to your hand and use rag's hero power twice). I guess we'll have to wait and see what they release.