Equip only to a Spellcaster-Type monster. It gains 500 ATK. In addition, you can send the equipped monster that you control and this card to the Graveyard to draw 2 cards.
I find this card to be most useful in Gravekeeper decks. However, a quick Mystical can eliminate that draw power...but hey, they wasted a resource. Quite the interesting card indeed. Already seeing a few potential combos with Spy/Recruiter for some really good advantage. Draw 2 and search for a monster? Yes, please!