It provides effectively a second draw each turn, but, in exchange, you must reveal it to the rest of the table and lose life equal to its mana value
If you can get the opponents copy of the spell working in your favor, you essentially get three spells for the price of one
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It's basically one of the strongest combat tricks: The turn you play it, you probably kill at least one creature, then it sticks around as an equipment
This means, for example, that Duh can destroy an Eighth Edition Shivan Dragon but not a Seventh Edition one (flying got reminder text for the first time in Eighth Edition)