It intercepts your opponent from drawing multiple cards, and you each draw one instead
Since you control what dies, you get to destroy everything, or you could just use a little mini-board wipe to clean up some small things while leaving your Vein Ripper or whatever in play
The bottom fell out of Timeless Lotuss price when Lorwyn Eclipsed Commander reprinted it
For protection we've got a ton of ways to protect our creatures from dying with umbras like Hyena Umbra, indestructible with Timely Ward, hexproof with Swiftfoot Boots
But even if the chance doesn't come up too often, Taranika can easily turn any of the 1/1 tokens into some really dangerous little cards at any moment
Thats all spells - not just yours - which is an interesting choice on a blue card, but its also a really potent effect