Activate this card by targeting 1 Level 4 or lower monster in your GY; Special Summon it and equip it with this card, but banish it when it leaves the field (even if this card has left the field). When this card leaves the field, banish the equipped monster. The equipped monster loses 1000 ATK/DEF, also its effects are negated. You can only activate 1 "Living Fossil" per turn.
The revived monster loses 1000 attack and defense.
The revived monster is banished when it leaves the field.
The revived monster is banished when this card leaves the field.
You can use this card to revive a Tuner or a monster with a specific level you need to perform a Synchro summon.
The advantage of this card over other cards like Powerful Rebirth is that it can be used immediately without needing to be set first. Which could be desirable incase you really want to Synchro summon something immediately.
This card is pretty much used in TCG/OCG meta, with its versatility and speed it could be added to alot of decks in the present and specially the future.
Its faster, it's easier to get cards onto the field for syncro plays.
SSA decks can utilize it to banish the special summoned monster to than revive it with full stats or you can use it on Abyss Soldier as the discard cost isn't negated(as it is required for it's effect to trigger) allowing you to set up floaters.
It's worded that way to make it clear that, unlike the ATK/DEF reduction and negation, it's not a continuously-applied effect of the Equip Spell itself.
So if the monster survives Living Fossil leaving the field for whatever reason (such as via Forbidden Lance), it will still be banished if it leaves the field. (It also means negating the effect of Living Fossil won't stop the banish either.)
Seems like a very useful card to bring synchro monsters asap on field.