So, as the worst one of 5, that puts it as the 7th to 10th equipment you would add into your deck. Which EDH decks run that many equipment cards? The Sword cycle is good, but as I said in my first post here: Umezawa's Jitte, Lightning Greaves, and arguably Skullclamp should be in your deck before that cycle of 5. If you have that many equipment cards, that is a lot less slots for answers and beaters, making your deck either a Voltron deck or a token maker deck. Even then, my token deck runs 5 equipment cards, none of which are the sword cycle because that would be just too many dead cards/wasted mana/eggs in one basket to have that may equipment cards.
If you have one of the 5, and you want to go for another one, choose the one that gives your colors the best boost from it's weakness.(And then go get the three equipment cards in my paragraph above to place in your deck)
Quick answer: Yes I have. In standard both with and against, and in EDH, mostly against but also with. In standard it was actually useful, but Feast and Famine was still generally better. In EDH, those tokens rarely matter and the milling is either advantageous for my opponent or useless.
Here is a question.Choose 2 effects to put on a Sword. WHich of these effects would you like the most on a sword of protection?
Deal Damage to an opponent equal to the cards in opponents hand - Extra reach
Life gain for the amount of cards in your hand - Lifegain
Opponent Mills 10 cards - Can become dangerous if you are running a mill deck in a 100 card format
Get a Bear - A dude.
Draw a card - Card advantage
Deal 2 damage to a creature or player - Small creature Removal
Player discards a card - Minor Card advantage
Untap your lands - Broken Green mechanic of powerful interactions
Gain 3 life - Small bump in life
Get a creature card from your grave into your hand - Possible Card advantage
EDH decks don't generally have chaff; every card in there is one the deckbuilder wanted. I know I'd personally consider my deck to have a problem if I could name 10 cards I didn't care if I lost.
As for getting a bomb out of it, they'd have gotten that anyway. If you mill them, they might reanimate a bomb. If you don't, they'll draw it, cast it, still have that reanimation spell for later, plus get to use the other 9 cards.
The argument of "then they can just play all the stuff from their grave" assumes that decks have absurd amount of recursion in them, but recursion spells are finite. How many do you play in your average deck? 3? 5? 7? Probably not 10 or more unless you're a dedicated reanimator, which means some number of cards you wanted to play are effectively removed from the game. Even in colors with strong reanimation, like black, it's limited. They're probably not picking up their Phyrexian Arena, or their Demonic Tutor, or their Caged Sun, etc.
The other argument is they get access to cards they wouldn't have seen otherwise. Personally, I rarely see a deck patiently waiting to draw the cards it wants. EDH is "Tutor: the Gathering". If instead of being able to go Demonic Tutor; Creature, they now have to go Demonic Tutor-> Reanimation Spell -> Creature, I just effectively 2 for 1'd them. Sure if they have a reanimation spell in hand they get the creature back, but that still reduces the effectiveness of the spell, giving one use of the creature instead of two. And if they don't have the spell, it delays them getting that creature until they find one, instead of being able to just cast it.Normally people fall in to the trap of only seeing best-case scenarios, but for some reason this card does the opposite; people only see the absolute worst possible situations, where every time you mill Mike+Trike and they have two reanimation spells in hand.
I've played with this sword a lot, versus decks that do run plenty of ways to return stuff from the grave. It hurts them a lot more than it helps. Give it a try, I think you'll be surprised.
This is faulty logic. For one thing most decks I run have reusable recursion like Life from the Loam, Volrath's stronghold, Ewit, Reveillark, Sun Titan. On top of that, there are cards that will then get those cards back if they need them. And Lastly there are the Legend Eldrazi in non recursive decks that make your milling moot unless you have Extracted if from their deck.
If they tutor for the reanimation, most of them cost less then the creature itself, basically making the creature cost less in general. The cards that don't give them this cheap tempo swing are the cards such as Genesis and Goblin welder, but they just gives that milled player more options, which is just as bad. Your job is to limit their options, not give them more. Every card is chosen by the deck builder, so milling them 10 isn't really gonna hurt when they have more cards in their deck that can be just as god if not better.
As for making them mill instead of letting them draw it, most decks are not drawing 10 cards a turn. If the cards you mill has the important card as the 10th card, congrats because that was most likely going to take 4-6 turns of drawing to get to it. Even worse if they could have tutored for it, because if a card is important enough to tutor for it is important enough to have a re-usable recursion spell.
Tutoring is important, sure, but if you are doing nothing but it can become a hindrance when used as a crutch. Chances are they will use their draw step to get what they need.
Now after you have hit them for 2 more damage and gotten your small beater, the milling has become a card advantage engine for your opponent. That is the worst case scenario as well as the reality of almost every game. You always look at the worst case scenario when evaluating, because if you look at the other swords or equipment you could be putting into the deck: their worst case scenario doesn't end up giving a player card advantage.
Best case scenario you are facing an Izzet deck with 0 recursion. Most likely that deck runs a Legendary Eldrazi, making your milling them moot. They don't "Lose" cards if eventually those cards are going to be shuffled in again. If anything they get to see what they won't be getting and plan accordingly.
Sword of Body and Mind is equipment # like 7-9 for equipment you should be putting in your deck... if I'm being nice. Your Kemba esque equipment flavour deck at that rate.
It gives you a small beater insignificant and it gives them more cards in their graveyard for them to play with, something every colour of every deck uses to varying degrees of effectiveness. Black better then most, red not so good as the others, but all of them can use their graveyard.
Other than that it gives you pro the 2 best colours, which can be useful if either colours were known for their point removal.
I personally wouldn't run any of them unless they are shoring up a distinct lack that your deck is missing. Fire/Ice for card draw, Light/Shadow for gravehelp, and War/Peace for the mono blue decks that really need to get into the red zone.
Even then, I need a Stoneforge Mystic to make me happy with spending that many slots on equipment.(Assuming that at a minimum Lightning Greaves and Umezawa's Jitte are already in the deck before the swords.)