It's restrictive enough it can be played around, and it might make Vigilance in aggressive decks more desirable, but in any scenario it's the kind of sweeper that makes the format more interesting
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The thought process is "oh, I've been losing to Raffine, Scheming Seer out of Esper or Corpse Appraiser out of Grixis, Zenith Chronicler seems like the perfect card to punish those three-color decks," but the issue with this is not considering how the games actually play out and how those decks are usually Constructed
Granted, these cards don't always skyrocket in value
This treatment can be found in non-foil, traditional foil, and surge foil
Sacrifice after V.) I, II, III, IV - Create three 2/2 white Knight creature tokens