If you do, target player loses 2 life and you gain 2 life
Right now the deck is a touch low on X Mana threats, so adding another one that can draw cards feels like a natural move, though if you prefer Walking Ballista for tossing direct damage it's totally acceptable (or add both!)
Archmages Charm is extremely pushed, a solid permission spell, a good way to build card advantage for hitting land drops, and a fantastic tool against Deaths Shadow, Wild Nacatl, Goblin Guide, Pyxis of Pandemonium, Champion of the Parish, Aether Vial, Delver of Secrets, Hardened Scales, Amulet of Vigor, Benthic Biomancer, Glistener Elf, Noble Hierarch, Viscera Seer, and sometimes even Hexdrinker (just to mention a few)
This is generic great value, especially in Limited, and the in the mana cost lets this thing really shine in Commander
The story behind this card is an alternate universe where Discord managed to convince the two sisters to go to war with each other and carve Equestria up between the Solar Empire and the Lunar Rebellion