It equips for three and then auto-equips on arrival
Tapping a two-mana Elf for five mana is just nutty, and its utility in five-color Commander decks is likely the reason why this rare that debuted in Morningtide retains such an impressive price point ($18.25 median value across all printings)
If you gain control of another player's permanent and it phases out, if the duration of the control-change effect expires before it phases in, that permanent phases in under that other player's control as your next untap step begins
One of these will be shockingly good in Standard, to my chagrin, but Ive got serious doubts about some seemingly popular cards like: Dragonhawk, Fate's Tempest Eluge, the Shoreless Sea Glarb, Calamity's Augur Helga, Skittish Seer Hugs, Grisly Guardian Mabel, Heir to Cragflame Muerra, Trash Tactician Vren, the Relentless Wick, the Whorled Mind So yeah, most of the story arc cast is underwhelming