When Happily Ever After enters the battlefield, each player gains 5 life and draws a card.
At the beginning of your upkeep, if there are five colors among permanents you control, there are six or more card types among permanents you control and/or cards in your graveyard, and your life total is equal to or greater than your starting life total, you win the game.
Quote from Pizza George »So...I wish this gave life out every turn instead of just when it was cast. At least then you could pretend that maybe someone would want to keep it around.
As is, it's a somewhat clunky wincon that begs for removal, right after giving opponents a free draw..