The color identity wont help in some scenarios, but this card covers all aristocrat bases
It's very synergetic
From there, The Wandering Emperor takes over the game with ease, growing creatures, popping out 2/2s, and then removing anything you try to attack with
In theory, with a Naban, Dean of Iteration on the battlefield, you only need half the number of blue mana symbols on the battlefield to make Master of Waves good (for example, in the worst-case scenario where you have just a Naban, Dean of Iteration and a Master of Waves, you'll still end up with 10 power across five bodies, which is a pretty reasonable deal for four mana, and if you throw just one other Wizard into the mix, things cat get out of hand really quickly when Master of Waves' enters-the-battlefield trigger is doubled)
Chart Toppers Shift line makes his stat line on par, if not better than average, against normal 4 ink cost cards
If you control something like Meria, Scholar of Antiquity or Bolas's Citadel, theres plenty of value to putting another rectangle in play