The two are absolutely comparable, and Fateful Absence is, ironically, sure to stick around in decklists for a long time
Stuff like Snuff Out or Dismember are already heavily played cards, but here, you get to draw a card from them because you lost 4 life, and you also get to drain your opponents for 2 life, offsetting your life loss
It is particularly potent in decks that care about Enter the Battlefield triggers or copying powerful utility creatures like Dockside Extortionist to generate a burst of mana before the mirror reverts to its reflective state
When the trigger resolves, youll gain 4 life and draw a card
With this cards strength, ubiquity (roughly 10 reprints) and terrific Pete Venters artwork, it surely qualifies as one of the most iconic modern Elves of all time