This is actually better than Ice Block in my opinion, especially against aggro. You're immune, thus you take no damage and can't be reduced to just 1 health. It's great for control, If you're one turn short of equality concecrate for example, you just play this and hit it the turn after. Also great against combo decks that clearly have all their pieces drawn and ready to go. Not only can they not OTK you, they can't even damage you so you won't be at 1hp coming into your own turn. As much as I hate that Paladin got this card, it's actually great since I'm so sick of token/aggro paladin, it was boring when it came out and it continued to be boring for the several months it's been played and only given more pieces with each expansion.
Seems like a really good card for a control deck, stalling a full turn to set up against most decks is really powerful, specially since paladin got some full board clears, also this works in your turn so you can be immune to weapon damage..
if paladin gets some kind of a win condition that stalling make it win more often.. well this card is great..
The only thing this won't defend against is fatigue damage though.
Just a year after Blizzard decided Ice Block was so toxic for the game that they removed it from Classic, condemning Mage to the sorry state it has been for the past 2 expacs, they add the effect back in the game... I don't get it...
The difference is the one card is forever legal in Standard and the other is legal for 16 months.
As a pally main, this is so good. Forget otk for now, I can't tell you how many games I lost because my aggro opponent had a too fast a start and I could't play my equality/pyro or consecration until T4 or T6. Now I have a chance to stall a turn and not take 10-15 damage.
Now as to OTK, I think this is a must in my Wrath deck. Even without the new Legendary this is great for the Molten-wrath wild deck because i can get down to low health for the combo without fear of dying!
The first thing, which went through my mind, was how this is hundred times better than Evasion in every single aspect and how class identity means shit to the devs. I thought destroying your own mana crystals was a warlock thing, but apparently priests can have it too. I thought that gaining immune/stealth was considered an ability for casters and sneaky rogues only, but apparently a melee class can have it because why not. Inb4 someone might mention paladins' bubble, so I may take my words back.
As for the power of this card, well I think the best way to evaluate it is by comparing it to a very similar spell, i.e. Ice Block.
Why was Ice Block so powerful back in the days? 1) It could have been fetched with some tutors (Arcanologist, Mad Scientist), 2) you could play it early on and still benefit from this protection later, 3) it could have been generated through other cards, 4) it enabled secret synergies (in the Günther mage deck). This was particularly strong in a class with a huge variety of board stalling tools and big card draws. Ice Block could have saved you from a surprise burst (you weren't obligated to time it correctly). There were some notable weaknesses to this spell - secret counters, fatigue and stuff like Explosive Runes, which can kill you on YOUR OWN turn.
Now let's observe the paladin spell. It adresses some of the aforementioned flaws, but it opens other ones. This doesn't mean it's weak, it's pretty strong actually, but about that later. Sooo let's start with the weaknesses of Time Out! - it can't be fetched with a tutor, it can't be generated, it doesn't enable secret synergies, you have to time it correctly and let's not forget that paladin doesn't have extraordinary card draws (in standard). However, since there aren't any burst decks in this format, being killed out of nowhere is kinda rare. So timing it correctly won't be that much of an issue. The strengths are the following ones - complete immuninty lasting almost 2 turns per spell (no dying from Runes, no fatigue, no nothing), can't be broken once cast. I forgot to mention, that with the last part the opponent won't be able to put you on 1 health, so can set a self healing turn followed by a board clearing one.
This makes the card extremely attractive for combo decks. However paladin lacks the tools to build a consistent one currently. If you ask me, Time Out! is just like Deathstalker Rexxar in KoFT - an OP card on its own, which was given to a class that couldn't support it at first. With each expansion the hunter DK slowly got more popular, but at first mid-range hunter couldn't utilize it very well. This will be the case with the paladin spell imho. At first it MAY NOT see that much play, but with every expansion this card will surely become more and more popular. I am more than sure, that it will be included in combo decks, but I don't think that control will use it now.
And if this wasn't obvious - ya, we have to wait and see what the other cards form the paladin set will look like. It can also be the case, that the devs actually gave paladins strong draws and we don't know it yet.