Now that's a kneejerk overreaction, I'd say: You can't move meaningfully and just flow wherever is lowest, making this a definitely-not-a-buff spell. Protection from crits, poison etc. is already part of Gaseous Form, which also lets you fly and move of your own volition, and which is in 3rd level. Still not everybody's first grab when they get to cast 3rd level spells. Your 'absolutely perfect disguise' requires someone carrying around an 80 liter tank for a male grownup (more if we're talking Half-Orcs or whatever), which won't, of course, raise suspicion...? Also, rounds/level. Electricity would probably still harm you, why shouldn't it? Creature type? Who said anything about creature type, why should it change?
Crazy broken? I think not.
My question about actions taken still stands, though. Just because you can't control your movement doesn't mean you can't take actions. What about spellcasting w/o somatic components? Quickened spells? Can you speak? Can you understand what's going on around you (seems you can, implied by the spot/listen penalties)? Can you take purely mental actions, as if paralyzed, e.g. manifest psionic powers, use telepathy, use devotion feats, Abrupt Jaunt etc.?