Phyrexian Censor looks at the entire turn to see if a player has cast a non-Phyrexian spell, even if Phyrexian Censor wasn't on the battlefield when that spell was cast
Sure, that means you don't really need the haste from Winged Tyrant, but giving your already-hasty creatures flying is a massive boon, typically allowing you to push through damage with impunity
Three mana for two reanimations is a rate nothing else in Magic can match
While it costs four mana to cast normally, you can drop it down to just one red mana if you have a creature out with power four or more
In terms of direct impact on the game, Mishra's Bauble might as well not exist - and if you want to increase the consistency of your draws, that's perfect
And on that scenario, it would be considered a Dead TCG