Is this an instant or sorcery?

It looks pretty potent, compared with Life from the Loam. I suppose the thing about LftL was it was repeatable. But still: this looks nice.

There's never been such a "put three land cards in your hand" from anywhere at common. At least nothing nearly as straightforward; Far Wandering is from Torment, an extra effect, and never reprinted, while Khalni Heart Expedition requires three extra land drop (compare Ordeal of Nylea).

If it said two lands, it'd be a perfectly valid Mulch variant. Only the occasional blue common will make you draw 3 with no downside. Other colors simply do not reliably put you up two cards like that at common (hence why Mulch says "put all lands revealed this way", as it's generally harder to engineer the top of your library than your graveyard).