Looking at many of the old creatures on this list, it's hard for new players to know what they are missing, because in the context of today's creatures they generally aren't missing all that much
It is nice it has Flash, which makes it easier for you to find that timing, but I think there are going to be too many situations where the Masquerade either does nothing, or is too slow at doing something
Your worst case scenario is 3 for a 4 damage spell, which, you just won't cast
This card is a decent midrange creature that can pose a serious threat once you put another 10 goblins on the board with Krenko, Mob Boss
Its not a bad card either, as a flying trample 6/6 for only five mana that can also help you sift through your own deck and fill your graveyard
With enough creatures and a massive Orc Army, it can be a finisher move