I would be very surprised (and honestly, a bit annoyed) if this card wasn't on the next banlist. Once this card gets rezzed by the corp behind a gear check, there is practically no way for the runner to get out without, at the very least, a significant tempo-loss.
First, the Rez/Trash ratio are extremely favorable. Even in the best case scenario, where the runner has a card like the Dedicated Asset Sniper or the Remote Checker, you are still left, respectively, with a credit discrepancy of 3 to 4. For the situation where the runner has THE exact tool needed to check this threat. And they better hope to have it again the next time Phat gets installed (because of course you run 3, it's your victory condition), otherwise the results are much costlier, or much more lethal.
Let's compare, for a moment, Phat with a similar card printed recently : Djustad Grid. A few differences to make :
- Asset vs Upgrade, which makes the grid a little easier to use.
- Core damage is obviously better than net damage, but the grid is limited to one. Phat will usually deal 2-4 if unchecked, which has a much larger impact.
- Djupstad is 4/4 on Rez/Trash, which makes it require a significant investment from the corp. Phat is 1 credit cheaper to trash, 3 credits cheaper to rez.
- Djupstad is on score (on that remote). Phat is "on score or steal", anywhere. That is the most profound difference.
The reason the "on steal" part matters most is because, if a Djupstad grid is installed in a remote that you do not have the ressources to contest, the game isn't over. The corp has a massive threat, but you can pivot, and start hammering R&D in order to filter agendas, and prevent the corp from scoring. That's healthy for the game, because it means Djupstad Grid isn't a "deal with this immediately or you die" card.
Phat is very much a "deal with this immediately or you die" card. If you don't have a tech card to remove it, every other access you make becomes a potential flatline (it doesn't take many counters to flatline you on a Fuji Asset Retrieval), and any 2/1 agenda becomes the equivalent of an tagless End of the Line, if not worse.
So this is a card that, once rezzed, sets a countdown before your defeat. Once it is rezzed, you pretty much have to focus on it or lose. That's already pretty bad for the game, and that's why Keeling got banned.
But at least, when you sniped Keeling (which was expensive as hell, due to her 4 trash cost), you could at least know that the corpo invested some creds into rezzing her, and you can hope they won't pull the same trick immediately afterwards.
Phat costs 1 cred to rez. If they lose it, there is almost 0 tempo loss. If they don't lose it, then the runner flatlines is a handful of turns.
Ooohh, I didn't realize he did anything without counters! That wording is pretty confusing. Now I have to try that BANGUN deck.
— Krams