It can be taken advantage of with Osgir, for starters, and its just a generally sweet way to accrue value for later turns
If the target creature is an illegal target, you'll still gain control of the target Equipment until end of turn, but you won't attach it to the chosen creature
The Town clause has the potential to be relevant, too, thanks to one particular Land that will appear later on this list #5 | Stolen Uniform Stolen Uniform is a bit of an interesting inclusion on this list
For example, if an effect stops you from casting spells with mana value 2 or less, you can't cast Peter Parker, but you can still cast Amazing Spider-Man
Modern is has a reasonably high amount of graveyard use right now, so tacking on the ability to exile a graveyard on to a spell that has two other modes is quite powerful, as it allows you graveyard interaction when you need it, but youre not stuck with it when you dont
Final Fantasy does have land based magic with geomancy being present in the Tactics games, but to tie them with monks