Wharf Infiltrator probably would have been
reasonable even without that triggered ability
that fills out the last of its text box. It
reminds me a lot of Looter il-Kor from Time
Spiral, which provided a lot of decks a simple
and hard-to-stop way to improve their hand
and/or graveyard. I expect this card to fill a
similar niche now, especially with madness
returning. If your deck has enough creatures to
continuously generate tokens, you may not have
much need for so many tokens, but it's hard to
argue against getting a bonus for something you
were doing anyway.
This guy is nasty in Limited. He's hard to
block, and he loots on a successful hit
(reminiscent, to a point, of the famous
Shadowmage Infiltrator). His predecessor had
fear and drew cards straight-up, but that's
irrelevant here.
Looting is actually a good thing, thanks to his
secondary effect, which turns creatures in hand
into tentacles on board. Note that his second
ability is a trigger whenever you discard any
creature card, not just to his own looting
effect.
The body is fragile, but the effect is pretty
dangerous. I could see him making waves,
especially given his relevant creature types and
his evasiveness. He's a bomb in Limited and good
outside of it.