This card makes so many Grey Wanderer decks viable. Starting with The One Ring and being able to pay for this card no matter the sphere of the starting hero (due to the contract, in the first planning phase), PLUS being able to grab another 1-cost attachment and play it for free, we can do things like... well, an obvious one is that we can start with a Beregond outfitted with a Gondorian Shield: 7 and shadow canceling. The idea of needing that built-in healing from the contract is almost laughable. And now you have the rest of your deck to play with powering up Beregond's attack, or doing other fun things.
Now, that might only be viable in multiplayer, because it would be hard to get Beregond to quest enough in the early game... but, there are so many other options for starting hero... what about Elrond and Strider/Light of Valinor? Éowyn and Golden Shield? Sam Gamgee and Hobbit Cloak? etc.
I think my favorite thing about using this in multiplayer is this: if The One Ring leaves play, everyone loses. Well, okay. No problem, because if you are playing solo, the game was over anyway when you lost your hero, and if you're playing multiplayer, well, you'd have been eliminated as a player anyway, and it's no fun to try and continue a quest without everyone playing.
I think this card is a game-changer, even in non-Grey Wanderer decks, even more so than its other sphere variations, since early-game shadow canceling is so huge, and it can go on any hero... fantastic card!