I think its also worth considering what your goals are with equipment when putting this card in context, too. Comparing
Blackblade Reforged and
Sword of Fire and Ice is not quite, but fairly close to apples and oranges. When I equip reforged, I'm doing it because I want to end the game (ie I don't feel like swinging a dozen turns in a row while I maintain the board state the way I want it). SOFAI is much more of a control piece if anything. I think if you're comparing it to
Sword of Feast and Famine it's probably a more fair comparison (and clearly the SOFAF trumps this), purely because everyone in this format is cognizant of what free mana can to do push you ahead of the table and closer to a win - frankly it scales significantly better than any of the rest of cycle, to the point where the rest of them are middling, incremental advantage and Feast/Famine is just stupendously advantageous.
Long story short, this fits a specific purpose for me, to speed up the clock and make the best use of the window of control I've made for myself. I can put the pinch on people, but I can't do it indefinitely, and no one wants to sit around while i combat the table to death over turns going well into double figures, so this just makes things easier on me and everyone else. I can imagine it being used in 'beef matters' scenarios, too, like say, maximising the use of
Brion Stoutarm or
Altar of Dementia just off the top of my head (I'm sure there's probably more). In those scenarios, again, a sword of X and Y doesn't do what this does. That is fairly narrow, granted, and its not a stunningly exciting card, but it does that one thing quite well.
Clearly you don't run it in a deck you don't already have native evasion in, too.