Unlike its cousin Trueheart Duelist that also has Embalm, it's hard to say if Unwavering Initiate will see Constructed play. A 3/2 creature with Vigilance is plenty good for a 3 mana common creature. But 5 mana is a lot to pay for a 3/2 creature that doesn't do much else in Constructed. The Initiate should be plenty good in Limited, however. Getting two lives out of one creature is always worthy of a look when filling out your mana curve in draft or sealed deck.