Normally you'd get a dopey 1/1 for the colors or even a 0 powered something, like Utopia Tree
In general, looting a card back to the top of your deck is worse than discarding a card (since you can't take advantage of any graveyard synergies), which means the +1 is only powerful with a very narrow subset of cards (things like Miracles)
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In most decks, no, 7 mana to cast and 7 to equip is ridiculously expensive
That being said, this card can get nasty given the right interactions