One of the reasons WotC has stopped making protection from {color} is that is was too swingy. Against that color it was way too powerful. Non-against that color it was completely useless. Protection from colorless would also be way too powerful versus largely artifact decks. Protection from {creature type} has been the new way that WotC has been maintaining any protection cards.
baneslayer Angel has protection from demons and dragons.
Hungry Lynx has protection from rats. Very powerful against a tribal deck, but only the tribal cards. It doesn't shut down instants, sorceries, or enchantments (unless they are of the appropriate type Tribal).
I agree that protection from Rogues and Clerics is largely irrelevant. Although they pop up now and then. Any errata only makes the card more powerful. If the point is just to make the card black-border legal then that only requires making the token a color other than gold. If you are issuing the errata to make the card viable in deck, then you really just want to be playing the other Sword of {this} and {that}. Play those and not Dungeons and Dragons.
My $0.02