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Protection from everything might not mean much on a 10-drop creature like Progenitus, but granting that same level of protection to a player for a full turn cycle is down-right silly, and exactly the reason you see The One Ring in just about any format where it's [questionably] legal

Wizards has responded with a fun mixture of tact and cheek in a recent post from Blake Rasmussen on the official MTG website

The spell also has the added benefit of replacing itself by drawing you a card when it is cast as long as you control at least one merfolk, letting it still maintain its usefulness over the course of a game

And while they were not on the money, they almost had a hit

Later during that same main phase, another effect gives you an additional combat phase after this main phase