It is far more flexible and reliable than the cheaper Phantasmal Image and doesn't cost all that much more
The modern Pokemon TCG market has increasingly recognized that character-driven Trainer cards, especially those featuring popular female characters from the game franchise, can rival or even surpass Pokemon cards in value
To replicate the experience of equipping materia to your party in the original PSX game, Cloud is able to add equipment when he is played
The more play a given card sees in Modern, the better
Its drawback may look like its very punishing and can allow the opponent to surprise you via a mid-combat spell, but I never really saw that scenario play out since its damage prevention ability is a a conditional static ability so as long as its on when damage is dealt, it wont be prevented. (Thank you, @fenaris!) It usually plays out somewhat like a colorless Ashenmoor Gouger / Chimeric Idol where you typically dont bother trying to block with it (why am I blocking with my aggro guys anyway?) and, if need be, you cast a spell pre-combat to activate it (typically I used a large coin, like a quarter, to denote whether it was on or off)

Creature - Knight Rabbit Tokens (CTRL to add secondary) Sideboard Sideboard (CTRL to add secondary) Maybeboard Diamond Pick-Axe Indestructible (Effects that say "destroy" don't destroy this Equipment.) Equipped creature gets +1/+1 and has "Whenever this creature attacks, create a Treasure token." (It's an artifact with ", Sacrifice this token: Add one mana of any color.") Equip Equipped creature gets +1/+1 and has "Whenever this creature attacks, create a Treasure token." (It's an artifact with ", Sacrifice this token: Add one mana of any color.") Equip Artifact - Equipment Maybeboard (CTRL to add secondary) Deck Info Deck stats CategoriesQtyOdds Click charts to focus on cards Deck extras (0) Description This deck has no description