He gets a lot better with his Megamorph ability, though. For a total cost of 3R you end up with a 3/2 that also exiles the top card of your library and allows you to play it until end of turn. We've seen with Chandra, Pyromaster how powerful that effect can be. That's a good amount of value for a Morph creature.
While Megamorph hasn't exactly been a well-received mechanic, this is probably going to long-term be the best of the five due to his usability in aggressive decks. There is also the synergy with +1/+1 counters that could become more relevant as the metagame shifts due to the two Standard rotations that will occur while Dragons of Tarkir is still in the format. Mono-red aggro and Red/White decks should find a home for this guy at some point. At the very least, he's going to be very strong in Limited, but he should be a decent Constructed player, too.