In fact, you could theoretically play this on turn 3, convoke with two creatures, and get two other creatures with 2-power (a very common stat line in white) out immediately
Many green and black spells allow us to sacrifice a creature and obtain benefits equal to its power, so you can draw loads of cards, or cheat big creatures like Ghalta, Primal Hunger into play
We're talking the 4th Edition, Ice Age, Visions, Stronghold, Exodus, Weatherlight, and Nemesis editions
Now it is also a fine tool against aggro and midrange decks so much that you are pretty happy running it main in most cases
Magmatic Hellkite will not only make your opponent have to swap out their nonbasic land for a boring basic one but when they put the new one on the field, it is tapped with a stunning counter