It’s no Terminus and it’s no Supreme Verdict. It seemed a bit too high on the mana curve and very white-intensive to be super Constructed playable outside of mono-White decks, or perhaps blue/white Control decks. However, actually, Fated Retribution saw a fair amount of Standard play during its time in the format. Actually, it saw the most play in Esper Control decks, which are three colors – white, blue, and black. Of course, it was also a one-of in many Blue/White Control lists, as well.
In any case, an instant speed board-wipe is quite powerful. It’s a bit like Rout from Invasion, which was essentially Wrath of God for one more mana (3WW), but you could play it as an instant for 5WW. It’s pretty much the same card, except that Fated Retribution is always an instant. That was a good card back in the day, and it actually saw some Standard play. It still does in Commander.