Sure but I’d consider Divine Bond more than ‘situationally’ good, it allows you to play heavy defensive minions that turn into powerhouses that do 10+ damage. It’s also usually cast on minions with provoke, meaning you can’t run away from it. You’re also never safe from a Colossus, since it can be airdropped anywhere, but that’s not an issue inherent to divine bond. It’s basically “have removal or die” in the most literal sense. Dispel is useless against it too, since they’ll never cast it before smacking you in the face. I’d say a cost of 3 is still very, very cheap for it’s effect.
I thought it might be practical to look at it now too, see what we think before and after the expansion hits. However, I don’t see much changing in the Lyonar playstyle with the expansion so far. Divine bond is still a fairly cheap spell and Lyonar will still want to include heavies with provoke. Unless there’s word of changes to more of the core set I expect Divine Bond to play exactly the same as it does now.
Just because changes are coming doesn’t mean we should just stop thinknig about it. Personally I think Divine Bond the way it is should be at least a 4-cost spell. That is, as long as there are 10 health minions with provoke easily available.