The main downside comes from the floor: Loot does nothing without a bunch of other permanents in play and gets a nice, fat target painted on its head whenever you cast it
(Whenever it attacks, for each opponent other than defending player, you may create a token copy that's tapped and attacking that player or a planeswalker they control
Many players will look at this card and say sweet, I get rewarded for playing favors and donating permanents to allied players at the table! Many more will look at it and say sweet, I get to instant-kill somebody with Transcendence. Nowadays there are other legends who can let you play Santa Claus, but the original is still top of my lists, for both Naughty and Nice
The aforementioned Starter Kit is a great way to onboard learning how to play the game, and you can keep it within the Final Fantasy theming if you and one other player use just that
If one of your opponents has cast three or more spells in a single turn, you can pay zero mana for Mindbreak Trap