While it costs 5 mana, that's not too much for a Blue/Red counter-burn deck to manage. Plus, it can tap for red mana as soon as you play it, so it essentially only costs 4. With cards like Magmatic Insight, Fiery Impulse, and Exquisite Firecraft in Magic Origins, there are plenty of options. Craters' Claws is another good card to copy, with its X cost being copied, as well as allowing you to double down on damage.
The draw cards Magmatic Insight from Magic Origins and Tormenting Voice from Dragons of Tarkir both have the requirement to discard a card (specifically a land card in the case of Magmatic Insight). However, by copying them, you're only discarding one card to receive four. This is because you only cast the card once, so you only discard once.
Keranos, Lord of Storms is really good to play alongside the Goggles, giving you card advantage and the potential to deal 3 damage on every one of your turns. The under-appreciated counter-burn spell Mindswipe is good to play in this sort of deck, too - plus the always useful Dissolve. While the extremely efficient burn spell Stoke the Flames is still in Standard, this sort of deck could do some real damage.
Another card that has been considered to combo well with this card is one that LSV suggested in his preview of this card, Invoke the Firemind, which would be in Modern. Essentially, you could choose to burn your opponent and draw cards, or burn your opponent twice, or draw cards twice. Pretty cool stuff and well worth the original 5 mana investment in this card. Plus in Modern, you have Lightning Bolt, Lava Spike, and other powerful burn spells to copy. Lightning Helix and Atarka's Command work, as well, as they have red in their mana costs.
You could even copy an Epic Experiment and play a whole bunch of spells for basically free. That sort of combo deck has been done before, and having the Goggles only makes it more consistent.
There are a bunch of things you can do with this card, and you really only need 1 or 2 copies in a deck, since it's Legendary anyway. This may end up being even better in Modern than in Standard, as the pieces are definitely there. Of course, it''s going to have plenty of casual appeal, as well, and it's well-deserved.