It's difficult to really capitalize on all four abilities in one turn, but just using it for hexproof is fine
This weird magnet trio is actually quite useful in the video games as well, which may have inflated its popularity
He still uses dream counters that can be used to create colorless mana, though he doesnt grant you seven counters on the spot like before
Whenever equipped creature attacks, create a 2/2 white Knight creature token with vigilance that's attacking
Any deck that uses a healthy amount of Scry and Surveil effects will want this card, and there are ways to go infinite with it, drawing your entire deck
Cloud, Midgar Mercenary doesn't have any built-in protection, and a lousy one toughness, so you'll need a handful of ways to protect him