The loss of haste matters, but it compensates by being able to partner with a doctor, granting access to more colors
(6/6/2025) The mana value of a spell with tiered is determined only by its mana cost (in the upper right corner of the card)
Earthbending a creature also means you can sacrifice it to something like Zuran Orb and have it re-enter immediately, which is a separate combo that also results in various infinites
He's going to draw you some cards when he comes down, and once he transforms he kills something, attacks as a 9/9 on the next turn, and gives you a bunch of mana
Alela, Cunning Conqueror can still give you tokens, though these are black Faerie Rogues rather than Alela, Artful Provocateurs blue Faeries
Vigilance, reach, and ward 2 are just side benefits at this point