Nice nerf, I guess.
the only issue now is that it's UP compared with Mitosis and Fractal, that gives you the result (copies) instantly.
The only real use this card would have is to avoid decking out in long games.
Maybe copying permanents can make something good but not UP?
Not quite; it has a use as a way to provide a steady stream of fodder to Tesseract.
The whole idea behind Tesseract decks is to cheat out expensive creatures for a ridiculously low quanta cost, which previously resulted in an inherent flaw in the deck. Because you can cheat out creatures at low quanta cost, you don't use many quanta sources, which means you really, really don't want to draw into the expensive creatures you're cheating out. You have to reduce the number of creatures in your deck to avoid drawing into them in order to avoid just getting facerolled on with five dead cards in hand, but this means a few good creature control cards will wreck your total damage output. Furthermore, extra copies of Tesseract are effectively dead, since a single Tesseract will go through all your creatures in short order, but the deck rolls over and dies if it doesn't draw Tesseract by turn 2 so you still have to run six copies.
Hand Drill solves all three problems. Now you can just run two or three creatures in your deck (ensuring one copy will remain in deck by the time you draw into a Tesseract), reducing the number of dead draws. Providing a steady stream of creatures in deck means your total damage output will no longer be capped and allows the use of extra copies of Tesseract.
I'm not sure Tesseract decks are now viable with the implementation of Hand Drill, since they're still pretty slow and vulnerable to permanent removal, but they're definitely in a much better spot now than they were last month.
(That said, I really must question the flavor. Why do hand drills have the ability to copy cards, really? They don't exactly scream Time to me.)