It doesn't matter if you're a Cat deck, a Dog deck, or both, Rin and Seri are going to give you a lot of value
This was great in Standard and still sees play in Pioneer and Modern, making it a worthy entry and useful if your meta is dominated by other blue decks
Shock is a very strong effect, just because we have Lightning Bolt and multiple other slightly better than Shock cards doesn't mean Shock is itself bad
Rather than combo decks having to rely on something like Laboratory Maniac, which was easier for the opponent to disrupt, Oracle winning the game when it enters the battlefield means that even if the Oracle dies in response, its too late
Daze is another pillar thats used in some blue decks, though normally ones that can better survive with bouncing one of their own lands like Delver of Secrets decks or, my own personal favorite, merfolk tribal
Virtue of Knowledge would no doubt benefit from cards with "enter the battlefield" and other similar triggered abilities