He basically swings two in your favour whenever you play another card, and once he's dead you get a Tallowisp back. And he looks like just a lousy 2/2.
In the right deck, the card becomes this:
Whenever this creature dies, return your best creature of two mana or less to your hand.
Whenever you play a spirit/arcane in your opponents turn or for the second time during your turn, you gain an extra attack phase with this creature.