Comparing
ulcerate to
disfigure,
tragic slip, and
ghastly demise is pretty interesting i.m.o., especially
disfigure.
I feel like in many formats, the consistency that
ulcerate brings should give it a nod when comparing against slip and demise at least in some decks: some removal hungry decks should be fairly cold to both demise/slip just because they find those particular forms of conditionality cumbersome. That being said, tragic slip is at least clearly more interesting, though I'm not 100% sure about
ghastly demise (probably?).
Disfigure to ulcerate comparison is really interesting though, because both cards are so similar. Disfigure's niche is that its
extremely efficient removal against the wide array of powerful X/2 creatures out there. However, its conditionality is that its often times so bad outside of that role.
Ulcerate going up an additional -1 -1 makes it more flexible against a wide field, but the three life you pay for it feels like a big reduction in inefficency against those small targets, which are a big reason why you would want an
ulcerate effect in the first place. It at least puts deck building constraints on you in a way that disfigure does not.
Which might not be a bad thing, depending on what we are doing.
A couple other cards that are interesting direct comparisons:
I feel like ulcerate's niche would be between these and disfigure, where it can go hunting slightly larger game, at somewhat less heavy life loss, and evading the cumbersome "can't target" clause.
After all, one other factor here in the comparison is that you don't want to push a form of de facto protection on your black creatures.
I had considered bringing up
ashes to ashes, but in retrospect, that is probably more low power mass removal than spot removal.