"Waterbend [cost]" means "Pay [cost]
You can ramp, sacrifice to a Goblin Welder or bargain ability, and loads more
if you remember the "flip" cards of kami...these new double faced cards are just rip offs of that ability, designed to boost sales in WOTC sanctioned card sleeves, and extra "checklist" cards which im sure they will start selling on thier site, overall i agree 100%, they dropped the ball with this, if could have been so much more, but is nothing more then a rehashed "flip" thats been geared toward product sales
Legality depends on the tournament format -- Head of the Class can be legal in some formats and banned or restricted in others
But frankly, Im most bothered by how its impossible to run anything but a terrible deck from start to finish, because the game provides no means of obtaining your desired cards other than to endlessly farm and crack booster pack after booster pack and hope for good fortune
This event had 46 players in it according to the MTGO website