This demon does a lot of things, but its main selling point is the Spectacle keyword that allows you to cast a 4/4 flier for only three mana. If you happen to have it in your opening hand, that's a very strong start on turn three.
Mostly aggro players will want to see it in their decks, especially the Black-Red Aggro lists that have been dominating the top tier of Standard. The other two abilities, pinging and adding counters, can be used for some neat trickery too.
It's an all around good card with some excellent stats, and if it does happen to stay in the Rakdos Standard decklists, then it can double up in price pretty easily.