Second look, I think this card could definitely fit in the RG Mana Ramp decks that were so popular at worlds. Not a bad choice, by any means, at least.
@Midi
Aside from GU Faeries, what deck is running Psi Blast?
This is a very strong card. Compare it with a hypothetical 4/4 for 2GG with Shroud (which we can probably all agree would be tier 1):
Colossus pros: Can be equiped with Warhammer. Can double it's power, meaning that you can threaten huge amounts of damage without overcommitting to the board. Can't be chumped by black creatures.
cons: Can be burned out, but not by any burn spell alone. Can be bounced or killed by white spot removal.