TLDR; This is Clairvoyance & Sixth Sense having a special child together.

Upside: For with low you could keep using your for getting clues without spending any charge if you runs out of them or only need to pick 1 last clue at the spot. Plus, the spend charge for 2 clues per action is decided after you finished your skill test, so you wouldn't lose any charge privilege if you fail. (yeah... still a pain but the chance is not that high... right?)

Downside: Though the chances of discard from is obvious, the unseen downside of this card somehow lies on its upgrading path. Unlike other most spell which has middle stage before fully upgraded (ie. Clairvoyance(0) > Clairvoyance(3) > Clairvoyance(5)), you either go LV 0 or LV 5 so you couldn't take much advantage from Arcane Research, even worse when at fully upgraded version you still get 2 clues maximum per action unlike other high level options (which... might arguably be better?) But since we are talking about LV 0 version here, and at LV 0 deck we don't have much recharge options at the beginning, I would say it's still worth taking it over Rite.

Final Thought: Everytime I used someone's Mystic build for 4P runs I always swap their investigation spell with Second Sight(0). Aside from chances of losing it before recharging it back, this spell is just straight up better than Rite of Seeking. And if you are tired of smelling the same incenses from every Mystic build, you could absolutely pick this over Clairvoyance.