If any of the exiled cards has a characteristic-defining ability that defines its power and/or toughness, that ability will apply
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I can't see any way to do anything great with this, but a card that does this many things usually has some potential
To get the Magical Christmasland outcome, you need to run few creatures to avoid having to sacrifice them, a ton of colorless mana ramp, quite a bit of colorless bounce spells, and likely some colorless discard outlets
Between burn and straight-up prowess decks, there are plenty of uses for a hasty 1-drop with the potential to be hitting for 3 or 4 damage
Bring this to your next casual game night and watch your friends gasp aloud as you rip the soul out of Avacyn only to beat them to death with an indestructible 1/1 spirit and her 8/8 walking corpse