Theyre identical to actions in almost every way: theyre one-off effects that you can play by paying ink
That means its usable outside monogreen, which is great for boosting your collection
In Modern, apart from spawning a new type of deck, the most likely home seems to be some sort of combo deck where Glorious End can buy one extra turn to set up the combo and win the game
For four mana, you get a Blue and Black 3/3 with hexproof that reads, Whenever a creature card is put into an opponents graveyard from anywhere, you may have Lazav, Dimir Mastermind become a copy of that card, except its name is Lazav, Dimir Mastermind, its legendary in addition to its other types, and it has hexproof and this ability. The key thing here is how often they can change their form, because it means you can always have the best possible thing at the table, and it even has hexproof
I like that this ward ability scales if you change its power, but the three-mana version is just about the perfect aggro card: wins races, needs more than one answer, and is good both early and late
Next, vampires love +1/+1 counters