Yikes. A repeatable creature-ping for 3?! Taking the 3/1-flying-lifelink-for-all-colours into consideration, this would be good enough if it just pinged for 1. The flavour is fractionally worse, but... pinging creatures for 3 repeatably is a board-dominating effect. Look at the hoops that Heavy Arbalest made people jump through.

It's not VERY repeatable. But they do need a spider to stop it being so. And even then it's 4 to use the second time.

It's nasty. It's very big, and it scares me. If it hits the table, I'll prioritise killing it.

But it's probably not completely unfair. Being colourless though, everyone will run it which might get a bit annoying.

Amusingly, if both I and my opponent have one, neither of us dare use it, because the other will shoot the resulting spirit.

There's also something to be said about the number of ways you can kill this thing. Shatter, Doom Blade, Shock and Plummet will all knock it off the board, a number of Icy Manipulator style tricks, and it can't activate on the turn it deals combat damage to a player (barring Twiddle effects). It looks strong to me, too... but so doesn't Lightning Crafter (comparisons of uncommon to rare aside), and that card never "made it".

I'm just saying, I'd like to see this card in action. It's possible that there's enough workarounds to make this on par with Arbalast in power level.

Hmm. True. I'll agree I'd like to see it in action. I do love Equipment that turn into creatures (I enjoyed Ensouled Scimitar), so I'd like to see this work.

Amusing quirk: If the defending player uses Harm's Way to redirect 2 of the attacking damage from herself to some other player such as you, then this will simultaneously deal combat damage to 2 players, which will mean its ability will trigger twice: it'll transform to the Equipment, and then immediately transform back into the creature.