this shit looks pretty weak
Ah, you weren't talking good/bad design but weak/strong. In that case, Ulamog isn't the shiznick either. The ramp deck that plays him is decidedly tier 2. I suspect that if their intention is to have Eldrazi be a part of the strongest decks in the meta, it won't happen until later down the line.
Hardly much incentive to play colorless spells when the mana enables to you play whatever you damned well feel like.
EDIT: Also, the word from my dirty Commander-playing friends is that their has been outcry for a basic colorless land for a while, since currently you can't play colorless Commander decks. I don't give a toss since I hate Commander, but it does bring in cash for Wizards, so...