What do I find so interesting about this fellow? Well, for starters, it's a 2 blue mana 2/2. To begin with, that is impressive. But why do I think this guy is powerful?
For starters, I highly appreciate the ability to use my enchantments like equipment with an instant equip cost. How would you like to block my potentially Moldervine Cloaked or even more deadly Wurmweaver Coiled 1/1? All I need is two mana to do it. Do you even know which ones to block? That 1/1 you let through might suddenly deal 10 damage.
The ability to move around stuff like Faith's Fetters among my opponent's creatures is also a grand advantage. Who wouldn't want to pay first and care about what you Fetter'ed later? The ability to move +1/+1 counters around is equally deadly with the presence of an Experiment Kraj. A sudden disfavourable existence can become madly favourable the moment you move Faith's Fetters and a +1/+1 counter onto it.
I'm now just talking about possibilities. I mean, after all, crazy plays, crazy risks and crazy outcomes equal to crazy fun (which is what Magic is all about).