Dampen Magic was a bubble that wouldn't allow cards above three pips to be cast. Right now, after the release of Celestia, many wizards are using low pip cards with gargantuan and a high critical chance to beat opponents down quickly. Dampen Magic would have used well with a properly built deck pre Celestia. Now it wouldn't have much of an effect to most decks.
It would totally mess up the entire pvp AND pve system.
PvP for what should be very obvious reason of totally rendering an opponent player useless if he didn't put any small cards in his strategy. You could win like 90% of ranked matched just with that 1 card.
Almost the same goes for pve if other players enter a battle and can't use thier spells not to mention they would have to totally revamp almost all mobs and bosses coding in CL as they cast 5+ pip spells 95% of the time.