When youre not sitting at the same physical table, that card seems less than desirable to resolve
But, it is a Wolf, which could be relevant when Innistrad arrives in a couple months, and the enchantment does so much else that you can afford a less exciting creature
That first line that gives him a discount for each land in your graveyard also affects his commander tax, which means that with a little setup, casting a 6/6 for 3 mana can become somewhat trivial
Aside from the far less potent Modern dredge deck, owning four copies of this ridiculously expensive card is just about the only way to play a competitive Dredge deck and in the Vintage format of all places
This created destructive strategies where players could infinitely reuse powerful item cards, heal their Pokmon completely, and eliminate any strategic consequence of aggressive self-milling