So once again it's that time of the year where all players around the world begin fantasizing about the upcoming banlist. Many suspect Reborn Tengu to be semi-limited, or even banned on the September 2011 list, a move that would hardly be surprisingly given the widespread use of the card. In the current format Tengu acts in a similar manner as Destiny Hero - Malicious did during the Tele-DAD format several years back. However, Tengu has couple differences that set it apart from it's predecessor.
- Not being a Tribute Monster enables Tengu to be played the turn it's drawn, unlike Malicious which requires a Tribute.
- Being Beast-Warrior, makes it compatible with the recently popular Horn of the Phantom Beast, making Tengu able to generate advantage without leaving the field.
- Not being searchable outside it's own effect. Unlike Malicious, which can searched for and/or Special Summoned by a number of cards—Elemental HERO Stratos, Mystic Tomato, Foolish Burial, Armageddon Knight, Limit Reverse,etc.—Tengu needs to be drawn into to be played.
- Tengu doesn't centralize the metagame the same way Malicious did. Granted the limitation status of other cards played a role in this, but in the current state of the game several decktypes are dominant, unlike the Tele-DAD format.
That aside, I don't think Reborn Tengu will be affected by the upcoming banlist, and this has nothing to do with it's current impact on the game. As previous banlists have shown, the OCG meta is the primary factor in the outcome of the list. Since Tengu is not out in Japanland, it is highly unlikely to be touched. Granted it could still be semi'd as a preemptive measure, but I doubt Konami will hit the card before OCG players get their chance at it. Then again, Rescue Cat was banned back in September 2010, BEFORE XX-Saber Darksoul became playable in the OCG. A deterrent to prevent the X-Saber abuse that plagued the TCG meta? That's the most likely reason.
It's Konami's decision in the end, but I suppose anything is possible. After all, who would've thought both Monster Reborn AND Dark Hole would ever be unbanned?
Remember players, the game ends with you.