The combination of useful upfront from the five life it gives you and the ability to generate advantage over time is actually kind of a nice package, particularly if you can play a single copy (whether maindeck or sideboard) to tutor up with Priest of the Wakening Sun or look for with Commune with Dinosaurs
In addition, the life gain effect can come in clutch against especially aggressive opponents
Legendary Creature - Cat Warlock Commander (CTRL to add secondary) Artifact Astrologian's Planisphere Job select (When this Equipment enters, create a 1/1 colorless Hero creature token, then attach this to it.) Equipped creature is a Wizard in addition to its other types and has "Whenever you cast a noncreature spell and whenever you draw your third card each turn, put a +1/+1 counter on this creature." Diana Equip Equipped creature is a Wizard in addition to its other types and has "Whenever you cast a noncreature spell and whenever you draw your third card each turn, put a +1/+1 counter on this creature." Diana Equip Artifact - Equipment Blue Mage's Cane Job select Equipped creature gets +0/+2, is a Wizard in addition to its other types, and has "Whenever this creature attacks, exile up to one target instant or sorcery card from defending player's graveyard

Ultimately, though, I think people would prefer to just draw a card and probably wont bother with adding this hat trick to their decks
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