It has the potential to scale quickly, doubling each turn so that you can both equip all copies and get past blockers
However, the last part of the ability will check how much life you've gained as the ability resolves, so if you've only gained 5 life this turn by the time the end step comes around, you could still gain 2 more life while this ability is on the stack in order to return the target creature card to the battlefield instead of your hand
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These riffs on Phyrexian Arena make you pay life instead of lose it, and they provide upside beyond drawing cards
Its used in some red prison decks that use planeswalker cards like Chandra, Torch of Defiance that generates mana to rebuild faster or fast mana sources like Chrome Mox
To turn back the clocks, this all started when YouTuber oldschoolmtg acquired early March of the Machine: The Aftermath packs