We didn't have planeswalker cards at the time (that wouldn't come until Lorwyn many years later), so this was a way to have him appear as a creature
Traveling Chocobo and Choco, Seeker of Paradise are two examples
Wham Bam Punch has no ceiling for damage, making it one of the most dangerous attacks in the game, though, with only 30 bonus damage per successful coinflip, it is a gamble that may not pay off
Inverter of Truth, Kethis, Walking Ballista and Underworld Breach are banned in Pioneer, Wilderness and Teferi Time Raveler are out of Historic and Teferi Time Raveler is gone from Brawl as of today as well
What's better than one wheel
This version is far superior, though