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Having been so focused on Commander until now, I think this is going to be a big player in Standard
The card lets you win the game if you have an almost empty library when you play it, making it the perfect card to play alongside infinite draw or self-mill combos
We dont need to choose one option when we can cast it twice
For example, if Blitz Automaton is exiled with the last ability of Chandra, Dressed to Kill, you would be able to cast it for (because it's a red spell), even though you wouldn't be able to cast it as a colorless spell for its normal cost
However, outside of that, Cloud also lets you draw for each equipped attacking creature you control, rewarding you for playing out a bunch of equipment and having a wide board