Odd that no one mentioned the first card I would compare this to: Perseverance. Compared to that one, Talisman of Protection differs in the following ways:
Advantages:
- Does not have to be in your hand when needed
- Cannot be discarded from your hand (e.g. via Chill from Below)
- Multiplayer applicability
- Item trait (many synergies in the game)
- access
Disadvantages:
- Does have to be in your play area when needed
- Can be discarded from play (e.g. via Crypt Chill)
- Occupies a(n arcane) slot
- Only cancels 2 damage and/or horror
- Only 1 icon
The obvious stuff aside, often times when playing this card it "just" acts like insurance: It feels cool to have, but unless/until you need it it does NOTHING (aside from maybe soaking a Crypt Chill).
One interaction I found fixes this "problem" is with St. Hubert's Key: That card on the one hand accelerates the time until you get value from the Talisman, and on the other hand the Talisman helps keep the Key in play!