But instead of protecting just three of your creatures, you can save all of them instead
Instead, run cycling cards that are actually reasonable things to cast, like Clear and Akroma's Vengeance
If you drop this onto an even meager board and then cast Ghostly Flicker, Ephemerate, or something similar on it, you could produce a massive aerial attack out of nowhere
This can target any targetable creature, also, unlike spells like Go For The Throat which I see played a lot in EDH
Chromatic Lantern is one of the best options when you have a budget oriented manabase, but even with a perfect manabase, I love having the option to make life more comfy
Being able to take an extra turn over your opponent is a massive advantage that often cannot be overcome