In the early game, you can use it to recur a key creature, while in the late game, you can leverage both sides for maximum value
While controlling another player, you make all choices and decisions the controlled player is allowed or forced to make for the duration, and all information available to them is available to you (usually the cards in their hand and any face-down cards they can see)
You dont have to find any other life gain cards since he can give your other creatures lifelink, but he cares about creatures gaining life as a means of bestowing +1/+1 counters
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Late game you should have just as many tools as they do to slow them down