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Debtor's Knell on a land seems good, right? Why these are low-end rares on our favorite auction site makes no sense. A playset is less than 10 dollars. Don't even think about playing Martyr-Proc in 1.x without this card. It's got enough power and synergy with the Ravnica duals to work in other decks, but the fact is that a land has never done anything like this before. The only drawback? It comes into play tapped. Yeah. That's it. It's not even Legendary. Status? BIG sleeper. There's a chance it never does anything, as seven plains is a LOT of land to have in play, but its payoff is huge. White has the best creature in Standard right now, so protecting Baneslayer might be a thing of the past. You might just be saving your counter magic for their land destruction spells. It also combos nicely with Knight of the Reliquary in a W/G deck to turn early forests into late Plains.
I have to disagree with you and say this card is not good. Seven plains means you have 8 lands. 8 is a lot, and you also have to be mono white to give this card even a chance.