In a vacuum, this card asks a bizarrely high
price for a removal effect that doesn't even get
another creature off the table, nor stop
activated abilities and the like. Of course,
there are so many Magic cards now that it's hard
to assess any of them in a vacuum, and that's
even before you remember that madness was one of
the featured mechanics in Shadows Over
Innistrad. It also occurs to me that the
Constable is a one-cost creature and can
thus put an Inkwell Leviathan in your graveyard
on your second turn. That may or may not turn
out to be a reason to use it instead of, say,
Merfolk Looter - extra cards are universally
beneficial, but slowing down an opposing
Tarmogoyf or turning off a Deathrite Shaman is
almost as good sometimes.
The ability to hold down an
attacking (or blocking) creature is good, and it
makes this mean in Limited. Discarding a card
may seem like a massive downside, but this is
also from the block with Delirium and Madness,
both of which benefit from discard (either
directly or indirectly). Having a source able to
enable these effects is pretty potent, and it
makes for a nice play overall.
Unfortunately, white has a
lot of these effects already, on bodies better
than 1/1, and white has the worst card
advantage. Outside of Limited, I don't really
see this guy having a place.