Cerenerian Deep One

If you have 2 or more Dreamlands cards out, this is actually not bad. But the problem also lies in the solution: you need to have 2 or more Dreamlands cards to make this guy worth it. Strictly a synergy card, but not a bad one in the right deck.

Just to correct the above, you need 2 dreamlands support cards out. If you are going for dreamers this is the right colour card, and if you have enough synergy then I think cost 3 isn't unreasonable to pay. I could see this in a Cthulu Hastur deck as Hastur gets some great Dreamlands support cards.

Lots of factions have a few good dreamers but cthulhu is the only faction that has lots of non-unique dreamers and the only faction that can build a reliable dreamer deck. You would only play this character for the dreamer subtype and in that specific deck he isn't too bad.there is only one dreamlands support card that has dreamer synergy, moon-beast galley which stands all dreamers at the beginning of each turn, so don't rely too much on the cost reduction. The only other cards with dreamer synergy are dream dagger and dreamlands scholar, not a lot to work with. Dreamlands scholar + moon-beast galley + cthulhu dreamers = epic card advantage.