This is one color only, which is a boon, and leaving a token in some cases is a better deal than the life loss
As it turns out, the word iconic means something internally specific to the developers of the game, and its not what most players expect
As good as it is, however, the most interesting thing about it right now is its price
Whenever a creature you control dies you can kindly ask an opponent if you can get your humble creature back, and if they decline then they lose three life
When an Equipment with living weapon enters the battlefield, you create a 0/0 black Phyrexian Germ creature token, then attach the Equipment to that token
If your deck is particularly focused on treasures, this just became an all star