Probably the biggest downside in comparison to Mother of Runes is that the card cannot target itself, otherwise, I'd say it's mostly upside compared to one of Magic's most famous moms
Loxi: It's a lot of stats, if you have Commanders that scale really well with getting more stats and need a boost it might be nice to have, although I don't think I'm really jumping on this for regular equipment decks
Permanently exiling a creature you control asks for trouble, though Im opening to being too low on this out of fear
You can cast it large, or you can cast it small, but no matter what, you wind up with a cost-efficient creature
The steady stream of card advantage helps keep pressure on your opponent while the lifelink gives you enough of an edge that racing is hard, if not impossible