It does make equipment more viable, and it is somewhat different from living weapon specifically since the token will survive on it's own
This will essentially protect his allies from one of the most conventional forms of damage and eventual banishment, being challenged by an opposing character
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1 Non-foil Booster Fun common or uncommon 1 of 40 Extended-art legendary uncommons (66.7%) 1 of 3 Main set Booster Fun commons (5%) or 13 uncommons (26.7%) 1 of 3 Alternate-art Secret Rendezvous uncommons (1.6%) Features artwork of Yuffie (0217), Aerith (0218), or Barrett (0219) 1 Traditional foil or surge foil Booster Fun common or uncommon 1 of 3 Traditional foil Booster Fun commons (13.75%) or 13 uncommons (72.75%) 1 of 3 Traditional foil alternate-art Secret Rendezvous uncommons (4.5%) 1 of 4 Surge foil uncommon borderless character cards (9%) 1 Traditional foil basic land 1 Traditional foil default frame rare (87.75%) or mythic rare (12.25%) 3 Booster Fun rares or mythic rares 1 Non-foil main set Booster Fun rare (23.1%) or mythic rare (3.8%) 1 of 44 Non-foil extended-art legendary rares (18.2%) or 14 mythic rares (2.9%) 1 Non-foil Booster Fun Magic: The Gathering FINAL FANTASY Commander card From among 7 rares (2.9%) and 16 mythic rares (3.3%) 1 of 93 Non-foil extended-art Magic: The Gathering FINAL FANTASY Commander rares or mythic rares From among 28 rares (11.6%), 57 extended-art legendary rares (23.6%), and 8 extended-art mythic rares (1.6%) 1 of 7 Traditional foil Booster Fun rares (1.4%), 28 extended-art Magic: The Gathering FINAL FANTASY Commander rares (5.8%), or 8 mythic rares (0.8%) 1 of 8 Surge foil Booster Fun Magic: The Gathering FINAL FANTASY Commander mythic rares (1%) A Collector Booster will have a maximum of one traditional foil or surge foil card in these slots

Still, if you're only playing with pre-constructed starter decks, it's a pretty consistent winner
And if Mobilize decks gain any kind of traction in Standard, Sephiroth is going to be trivial to transform