This is an interesting defensive factor. One thing that you'll want to
note, is that it redirects only the power of an opposing creature to
itself (If you're dealing with that sort of damage source); therefore,
the power of whatever blocked it would still go through as usual. So,
potentially, you could set up creatures with high power as defenders
(no need for high toughness), redirect the damage to Oracle's
Attendants, and let your defenders kill whatever they blocked. That,
of course, would only be a
threat, as anyone perceptive would
realize that you would perform that function. Regardless, Oracle's
Attendants potentates a defense. You might fly small birds in the air,
and block anything up to 4 power by redirecting back down to the
Attendants. Try combining it with deathtouch, as well. Deathtouch
creatures often come as little 1/1's, only good for one use, but
redirecting to Oracle's Attendants would extend their viability
indefinitely. It's most potent use might be as a counter to red spells,
that can zap away your smaller creatures, up to 4 damage. Most
red spells deal 4 or less damage, so this would be a good choice
for a shield, to keep on your sideboard for that situation.
Eighth Edition