In an eight man, it's perfectly fine. I've run two drafts with it in the Cube and there was a Worldknit deck the second time around. I'm assuming that it didn't show up till later in the first draft. It's really a card that needs to be taken pack 1 to maximize it as it ends up being worse the later into the draft you get. I could see it being really OP in a small draft after being picked first or second overall since some people might not get the key cards for their given archetype while you're just picking up anything you want.
I personally love it. It's a single card that defines its own archetype and no other deck (unless someone gets all the fixing) can emulate it. I think being able to play anything being offset by having a deck that's usually twice as large as anyone else (the Worldknit deck ran about 60ish) in a 40 card format is just fine. Less consistency in place of more power. Playing against a streamlined deck makes it a pretty even match. As long as the rest of the table is able to draft whatever they're aiming for effectively, which is tougher in smaller group settings, then Worldknit is perfectly fine.
The biggest issue when playing against Worldknit is that you literally have no idea what you'll see from game-to-game. You might see 1/3 of the deck that you won't even glimpse in any other games for your match. I drafted a pretty sweet BW Tokens list the other night along with things like Cataclysm and Armageddon to get ahead after sticking something like a Hero of Bladehold. We went 3 games with the best play with Worldknit player using Zealous Conscripts (which he looted for with Deal Broker) to steal my Sorin, Lord of Innistrad at 6 Loyalty to wreck my board and win on the very next turn. I wasn't even mad.
The only two things I worry about are Planeswalker density and having a lack of basic Mountains or Forests sleeved up. If you have 16+ in your Cube, Wordknit guy will probably just build superfriends b/c why not, there's no reason not to. And if they have Koth or new Nissa, they'll just make all their basics either Mountains or Forests and there might not be enough for everyone else. So yeah, I love Worldknit and I'm keeping it in the Cube for as long as I can.
I personally love it. It's a single card that defines its own archetype and no other deck (unless someone gets all the fixing) can emulate it. I think being able to play anything being offset by having a deck that's usually twice as large as anyone else (the Worldknit deck ran about 60ish) in a 40 card format is just fine. Less consistency in place of more power. Playing against a streamlined deck makes it a pretty even match. As long as the rest of the table is able to draft whatever they're aiming for effectively, which is tougher in smaller group settings, then Worldknit is perfectly fine.
The biggest issue when playing against Worldknit is that you literally have no idea what you'll see from game-to-game. You might see 1/3 of the deck that you won't even glimpse in any other games for your match. I drafted a pretty sweet BW Tokens list the other night along with things like Cataclysm and Armageddon to get ahead after sticking something like a Hero of Bladehold. We went 3 games with the best play with Worldknit player using Zealous Conscripts (which he looted for with Deal Broker) to steal my Sorin, Lord of Innistrad at 6 Loyalty to wreck my board and win on the very next turn. I wasn't even mad.
The only two things I worry about are Planeswalker density and having a lack of basic Mountains or Forests sleeved up. If you have 16+ in your Cube, Wordknit guy will probably just build superfriends b/c why not, there's no reason not to. And if they have Koth or new Nissa, they'll just make all their basics either Mountains or Forests and there might not be enough for everyone else. So yeah, I love Worldknit and I'm keeping it in the Cube for as long as I can.