The dream will always be to use this after your opponent plays Wave of Transformation on your turn while your gold is up, but unlike Wolfs Call, it is significantly harder to casually answer, and the +1/+1 buff means your opponent cant trade wolves 1 for 1
Being able to do these effects in response is great
It is also probably worth it in a well constructed Tempered Steel deck because it scales so well and already has sufficient white mana
That first ability resembles the shenanigans you can get up to with Dargo, the Shipwrecker, so in the right deck, you can cast it for two mana, attack for seven (that can only be blocked by legendary creatures), and then sacrifice it to destroy an annoying artifact or creature
Check out Paul's feature article about Planar Chaos design, "The Color Purple," in which he talks about a lot of the crazier things the team tried