The token is still created if the equipment is destroyed in response to the for Mirrodin
This combo is one of the most consistent win conditions in the format and fits well into decks like Jeska/Thrasios, Kraum/Tymna, and other fast shells
Thats an outrageous bit of value attached to one of your characters and it also protects you against the classic one-two punch of the meta defining ruby-amethyst control deck of set two, which would wipe your board with Be Prepared and then answer the first character you play with a Lady Tremaine which would force you to sacrifice it
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Three land reprints, nothing special here
Frodos role here is to leverage consistent life gain from food tokens and other sources of life gain to ensure that you can achieve all four levels of the ring tempting you by the mid-game, and in doing so, generate a ton of card advantage