Is the “rule of four” a reliable way to evaluate MTG card power vs mana value?

The Rule of Four states that a generic card drawn or discarded is worth 4 Pips gained or lost.

A point of Mana is worth one Pip, up to four mana points in a Mana Value. Mana above 4 in a Mana Value is worth 3 Pips per point of mana above 4. This is because on average you make a land drop about once per 3 cards drawn after the 4th land drop.

A point of Life gained or lost is worth 1 Pip.

A point of Power or Toughness on a Creature is worth one Pip.

Over the years, "Power Creep" has made some cards stronger than the Rule of Four predicts fair cards should be. If Power Creep continues in the future, we may need to adjust this rule to account for that.

A special Ability on a creature is usually worth 1 Pip for average abilities, but some abilities may be worth 2 or more Pips, depending on the rules.

So for example, a 2/2 creature with no abilities is worth 4 Pips. While a White Knight, which is a 2/2 creature with two abilities, is worth about 6 Pips.

Example 2:

"Inspiration" Costs 3U to cast and draws two cards. This means it costs you about 8 Pips to cast and returns about 8 Pips in value, making the card "fair". Compare to "Ancestral Recall", which costs about 5 Pips in value to Cast, but returns about 12 Pips in value, which is why Ancestral Recall is restricted or banned in every format.

What does the Bot think of this system for evaluating cards? I realize this doesn't always work, because some cards provide benefits with unexpected scaling.

Is the “rule of four” a reliable way to evaluate MTG card power vs mana value?
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