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That ability is "when the last defense counter is removed from this permanent, exile it, then you may cast it transformed without paying its mana cost." This means that if for any reason a battle enters the battlefield without defense counters, it will be put into the graveyard and its controller will not get the chance to exile it

This could turn certain defeat next turn into a win this turn

An Aura put onto the battlefield this way doesn't target anything (so it could be attached to a permanent with shroud, for example), but the Aura's enchant ability restricts what it can be attached to

This person is glad the school got sued

Espeon EX: Prismatic Evolutions (Special Illustration Rare, 155) Also Known As Better Umbreon EX Prismatic Evolutions was a rough time for true TCG fans as millions flocked to the hobby for a chance to just make some quick cash

The second ability can make anything into an Ajani's Pridemate, which is what these decks want