Surprising only those individuals who have a crush on Marit Lage, Emrakul is back. Like his buddies, she's been given a downgrade, but like her buddy Kozi, Emrakul is not so much inferior as .... different.
Like the other Elradzi, I don't see this new iteration replacing or even really supplementing the original. If you want to cheat something into play that will end the game immediately, you have a lot of explaining to do if you don't tear Aeons or at least brand Grisles. So, right away, this new card is not going to compete in Oath, Show and Tell, and similar strategies.
However, it seems like a ramp or midrangey deck's wet dream. Consider that it's trivial to get 4-5 card types in the yard by midgame, and at that point this guy costs around 9 mana. For 9 mana, you get an evasive monster that can end the game in a maximum of two hits, and who protects itself extremely well. You take your opponent's turn, burn his sorcery removal or a way to find any, and from there your enemy has two draw steps to topdeck his way out of oblivion.
Also, note that your first ramp spell of a certain type actually gives you 2 mana towards Emrakul. Rampant Growth gets you a land and reduces her cost by one. Sakura Tribe-Elder next turn does likewise. Natural Connection on the next turn and you're there, assuming you made some land drops in the meantime, too.
Seems really solid. Modern ramp is going to love this thing.
Vintage doesn't currently have a midrange strategy, however, so I'm not thinking this is really playable. At least, that's my initial reaction.
EDIT: Also - there is no graveyard-reshuffle clause. So, this actually does some work in Reanimator!