I just used Logical Reasoning with Roland Banks in a run-through of the Night of the Zealot, and I was moderately impressed. The ability to heal 2 horror is more important to him any of the current seekers, and there aren't that many options for healing horror. Combined with double Willpower icons - which I found I used - it's pretty handy.
Probably the closest equivalent I could find was Moment of Respite, which costs 3 to heal three horror and draws a card - but requires 3XP. Compared to it, Logical Reasoning is 'Moment of Respite Lite', with the lower XP cost being the only real advantage.
The other part of the effects - remove a Terror card - is possibly occasionally useful, but at the moment there are relatively few Terror cards that go into a players threat area. Delusions and Striking Fear are the only relevant encounter sets at the moment, and all Delusions can be 'paid off' with 2 actions. Logical Reasoning is 1 action and 2 resources, so it's not a great bargain. It's decent against 'Frozen in Fear', but I wouldn't pick a card to counteract 1 encounter card.
I would say, don't underestimate the cost and conditions. 2 isn't exactly cheap (at least, for guardians who seem to have plenty of expensive cards), and you do need a clue too. You might not always have one. (Been there, done that).
In summary, reasonably impressed with this for Roland as a starting card to beef up his lacklustre sanity. With XP there are better options. I've taken to thinking of it as a better alternative to Guts for him, trading draw for, potentially, healing horror.
Other investigators? Well, seekers usually have better sanity anyway. Minh Thi Phan might have a use for it, and the Dunwich investigators can all take it as a splash card - though, to be honest, there are better choices, I think.