It is a great spell for a DM, maybe not quite as good for a player, but making a ice monster is pretty cool and evocative,(in a story telling sense).  The spell should be compared to:
Flesh to Stone
Transmutation
Level: Sor/Wiz 6
Components: V, S, M
Casting Time: 1 action
Range: Medium (100 ft. + 10 ft./level)
Target: One creature
Duration: Instantaneous
Saving Throw: Fortitude negates
Spell Resistance: Yes
The subject and all possessions it carries turn into a mindless, inert statue. If the statue resulting from this spell is broken or damaged, the being (if ever returned to its original state) has similar damage or deformities. The creature is not dead (its soul doesn’t pass on), but it does not seem to be alive either (when viewed with spells that detect life). Only creatures made of flesh are affected by this spell
Basically freezing claw lacks the range and permantcy of flesh to stone, but inflicts damage on a failed save.  Seems actually well balanced to me and not overly powerfull.