The equipped monster can attack directly, but when it does so using this effect, the battle damage inflicted to your opponent is halved
Equipped creatures you control have flying and haste
Many games went Man-o'-War your turn 3 creature, Man-o'-War your same creature on turn 4, Undo your same creature and one of my Man-o'-Wars on turn 5, Man-o'-War the creature yet again on turn 6
The design isn't quite as detailed or colorful, but the pose is very similar, so it's a great card if you enjoy watching Gengar prepare to devour its prey
The same is True for Link-4 and higher monsters (again, as long as you're abiding by its summon requirements at the top of its Text Box).
If there were spell counters on that card, they stay on the field and move to Reflection Of Endymion