Merrow Reejerey can be used as "Mana-Ramp" if you have 2 or more of them to untap your lands after playing something. Merrow Reejerey is also usefull to tap enemy creatures or lands and of course to untap your creatures after attacking.
Watch out for opponents Mutavault because Lord of Atlantis gives the edge to every(!) Merfolk on the battlefield!
Against decks with very much creatures or very much non-creatures use the Sideboard to change the counters and (for example against non-creature-decks) Polymorphist's Jest.
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