All this is assuming that the card makes it into someone's hands at all, and it may not
Transforming Thing in the Ice on Turn 3 or returning multiple Arclight Phoenixes on Turn 2 certainly looks unfair, since thats comparable to what decks like Dredge can do when theyre humming, but Izzet Phoenix is capable of playing the early turns reactively and turning the corner on Turn 4 or 5, or even playing a long game and leveraging its low land count and Faithless Looting to stave off mana flood for longer than its opponent
The Silverquill student does less to keep you safe, but he forces your opponents to attack each other with their enchanted creatures instead of just holding them back
There is also some wiggle room to move brackets as well
It's not a huge amount of value, but when you consider the fact that you have three opponents, plus anything you do, you can draw upwards of four cards and make four tokens by the time your turn comes back around
First off, this deck's enchantment suite is top-notch