In theory, it looks decent, scaring off
attackers and punishing them if they get punchy
anyway. But in practice, what's your plan? Drop
this and assume nobody's going to attack you
anymore, so you don't need blockers? Or just
give up on blocking and bounce any permanent
that damages you? If you want stuff bounced, you
can't count on this to do it, because your
opponents decide when a permanent deals damage
to you and when it doesn't. And this doesn't
actually stop damage from happening, so if your
opponent is attacking you and you're not
blocking, you're still losing. It'd be good in
multiplayer, as it gives the rest of the table a
reason to gang up on each other and not you, but
outside of that it's not really worth the deck
space.
In theory, blue has a weakness against creatures
and permanents. In practice, there's usually at
least one mass bounce effect in Standard, and
plenty of backup cards like Into the Roil.
Dissipation Field may have a hard time breaking
into competitive play where the same cost in
white kills things outright, but it has some
potential to cause difficult situations,
especially if you can keep gaining life. Be
warned - some people are almost as annoyed by
having to cast the same creature four times as
they are by having it countered, so make the
rest of your deck fun!
Today's card of the day is Dissipation Field
which is an interesting Blue enchantment that
can be effective against direct beatdown
creatures, tokens in particular, but has issues
with certain effect monsters. Anything
with a comes into play ability or Haste that
would leave play at the end of the turn works
against this. Blue can counter those of
course, but this may or may not have a real spot
in many decks. The pressure is nice and it
can work against any permanent, but it may work
better in a sidedeck after seeing what the
opponent is bringing to the table.
For Limited the double Blue is a minor concern,
but the format is based almost entirely on
dealing damage with creatures which this can
slow to a crawl. For four mana on a
difficult to remove form this is an effective
stall card that work well in any Blue deck.
In Sealed if your deck has room and isn't
completely offensive this can merit a slot and
in Booster it isn't worth letting an opponent
pick this up to use against you by passing it.