The easiest thing to compare this to is Clone Chip. Both are 1 install hardware that allow a program install from your heap. If he wasn't rotated, I bet the Exile would have fun with it. Anyways, with Clone Chip now gone, we have this to take its place. The first notable difference is the additional cost. Whereas Clone Chip is a flat to install for cost, this costs 3 less, but in order to use it, a program has to have been trashed this turn in order to fire off; otherwise, you have to trash a program. If you have a disposable program, such as a Kyuban on a piece of ice you can no longer feasibly get to or an SMC when you have your full suite out, then Simulchip is the chip for you. Otherwise, the best time to use it is after dealing with or recovering from a trash subroutine or operation, such as Enforcer 1.0 or Trojan Horse. In addition, if you're running bounce programs, like Lady, Gauss or Euler, this could be useful for a reinstall.

My thoughts on this hardware? Personally, I like Clone Chip better, simply because of its flat "install for cost". You could see this as a better version of Clone Chip if you have a lot of disposable programs, but I tend not to do that. However, Simulchip does give the option to save a program after having to trash it from a Corp card. However, if I need to recur something like SMC, I'd prefer to not waste the 3 less on it. 0 or 1 programs are probably better as fodder for this if you can spare it. Otherwise, this is a more reactive hardware to be used after the Corp tries to shut you down.

Well, Cpt_Nice beat me to it, but I'll say it as well: This is Cloak, but better. When I first saw this card, I dismissed it. I wasn't paying attention at the time; I was at work and it was way too cold to check my phone without killing the battery. When I got a good look at it, I realized it fulfilled the same role as Afterimage: fill a niche emptied by rotation.

So why is this better than Cloak? Same install cost, same memory unit cost, same amount of recurring credits. However, unlike Cloak, this lets you pay for programs and hardware. In other words, you're not limited to just using it to fire off icebreakers. Cloak was limited to just your icebreakers, but this has so much more utility.

On the bright side, I'm ahead of Cpt_Nice on something: I've already slotted Mantles into my Smoke deck.

I guess I wasn't expecting this to be saved from rotation. It's nice to see some of the older cards get saved and given a new lick of paint, so thanks for that, Nisei. I don't have a lot to say about Cerebral Overwriter, except that I think this version has a much cooler artwork. Nicely done, Krembler.

Playing Sure Gamble for 7 credits instead of 4 feels bonkers as the runner and miserable as the corp...

Dripping 1 credit per turn is good for a cost of 1 and usually runners play enough events to make us of it. So MM is a good card and has only 2 inf, so it easily splashable in other factions (mainly crim). You want to see the card early, but every other draw makes it a dead one, so 3x are usually hard to justify unless you are playing cards like Patchwork or Moshing where you can make use of the card. This leads to the issue for how many of them you are paying influence when importing them. So often you see them imported as 1x and then together with Paladin Poemu.
This card get's best with Keiko as using it saves you credits and Keiko gives you a bonus credit. Which results in a drip of 2 per turn.
Stealing an agenda is nice, so often it creates value installing it turn 1 and running, but often this is only a bonus of 2 - 3 credits, which are most valuable early game.
In the past you could play it with Same Old Thing & Sure Gamble like Lucky Find in Patchwork MaxX decks. The biggest question is, how many events you need to include to be able to avoid the down side as trashing cards from your hand can be risky. It makes card playable that did not see that much play before, like Run Amok or enable HART and Retrieval Run. I have also seen it being played in Apocalypse decks. And playing Deuces Wild with it feels so good! Against Argus, you can steal an agenda, gain your Mystic credit and remove the tags for profit. But in general, clicking for 3 & gaining 2 cards is bonkers.
In crim it's especially interesting for Ken Tenma and events like Diversion of Funds, Inside Job, Spear Phishing but of course for every other run events. But of course the go tu runners are 419 and Leela. It's a good card, the question is, can you find slots for it? And how many events to run?
It feels home in Hoshiko Shiro: Untold Protagonist decks as she has a lot of support for it, like DreamNet and her companions.

The new Architect? Yes or No?

Pros

• 1 credit cheaper so you can rez it for 3
• You can get back any card from Archives, Hedge Fund anyone?
• You can get 2 cards out of Archives
• It's not that good in Assett spam decks

Cons

• Trashable! This is a huge thing! Against Freedom Khumalo: Crypto-Anarchist I loved to have 2 ICE with the outermost being Architect so both ICE where protected against Hippo.
• You can't install 2 cards
• You can't peek into R&D
• The art is worse ;-) especially compared to the full bleed Architect but I like it!

I think this is a Sentry to go for HB, the face check is punishing from the early game, sometimes from Turn 1. It's cheap for a Sentry and usually gives you forward tempo, by installing a Rashida Jaheem again, a trashed ICE or defensive Upgrade like Ash 2X3ZB9CY.
I have mixed feelings about it compared to Architect. The fact that it costs 1 less is something, that it let's you get back a card to hand is huge, especially in these Fully Operational HB lists, but it's also nice to use it again for even a Hedge Fund as it pays back itself this way.
It's worse in asset decks, as it only gives you 1 install