It looks like a mix between
Sword of the Animist and
Smuggler's Copter, plus a third random ability.
Both cards are quite strong in EDH (although not remotely as omni-present as
Arcane Signet) and the versatility is surely a plus.
Personally, I'd have preferred it to be 2 mana to cast and 1 to equip, instead of the other way around.
The way it is costed, it won't trigger before turn 3 (worse than any 2-mana rock or any 1-mana dork, then) and, even then, it will basically pays for its own equip cost.
Moreover, it grants no static
buff so, unless you're choosing the +1/+1 ability (the worse of the bunch, I'd say), the equipped creature must be already worth attacking by itself.
A neat card, but nothing spectacular, I'd say. Although the story teaches us that
Umezawa's Jitte's three abilities, while unassuming when picked individually, made for a ground-breaking card when merged together.
Time will tell...