If you can cobble together the three blue mana needed to cast it, you get a standard looting effect here, before the real juice: granting every blue creature in your hand Subtletys free Evoke cost
In this scope, he saw his motivations as more boastful than anything, and felt those drawn to him were more after power and what they themselves could do with it, comparing him to the One Ring from Tolkien's Lord of the Rings novels than its creator, Sauron
The final piece of the puzzle, and arguably the most important cards in our deck, are Cleansing Wildfire and Price of Freedom, which are very close to the same card: for two mana, they blow up a land (any land, not just non-basics), let its controller search up a basic, and draw us a card
That said, looking at this card like any other mana-generating elf is a mistake