Ive used it to cast things as innocuous as Cultivate all the way up to exiling a Surge to Victory and exiling my Ephemerate while I had Aurelia, the Warleader in play (spoilers: thats a combo)
Estinien Varlineau Estinien Varlineau looks to your dragons to give you some decent card draw #46
The game treats it as a spell until it resolves, gets countered, or otherwise leaves the stack
For example, if a creature is wearing a hat in its art, it's still wearing a hat, even if you cover the hat with a sticker
The level two ability, which costs two mana, returns up to two artifacts from your graveyard to your hand
Its possible Wizards creates a new mechanic or two thats befitting of Middle-earth, but I think its likely we see returning mechanics, for the most part