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Its excellent in WB sacrifice decks where you recover the sacrificed fodder, in decks that have +1/+1 counter synergies, or if you're just getting a couple Elvish Mystics back

As explained by Reddit user Bad_M00n: Power Conduit can remove the finality counter to give Emperor another counter and another buddy. Emperor of Bones will work incredibly well in Modern with graveyard-focused recursion and +1/+1 strategies, and of special note to Commander players is Universes Beyond: Fallouts The Wise Mothman, as it perfectly combines the two themes

The fact that you can cast this card, exile something, draw a card, and gain life are all very desirable characteristics on a planeswalker card

Anyone who has thought about building political decks like Queen Marchesa has considered this gem of a card, but its been pretty hard to get hold of until a good reprint