There are plenty of ways to find a way to untap the equipped creature, to equip for free, or other nonsense than can make this part of multiple game-winning combos
If you manage to summon this creature you have enough mana already to be able to pay its upkeep for 6 turns unless your opponent sends him earlier but you still get the life
Any Elf attacking will always cause it to untap (assuming you didn't already untap it before) and can lead to a very threatening Elf board very quickly.
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Moderns abundance of fetch lands make this a remarkably common occurrence, making this spell free-to-cast at some point in the vast majority of Modern games
In exchange for exiling your tutored cards face up, you get to effectively steal opposing tutors for yourself, and you can spend mana as thought it was mana of any color to cast your stolen cards