The main downside comes from the floor: Loot does nothing without a bunch of other permanents in play and gets a nice, fat target painted on its head whenever you cast it
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You could have a round robin matches where each player plays against each other player once, or set up a tournament where winners play each other until theres one player left standing
This means in a deck made up primarily of permanent cards, even if Grolnok is the only frog present, it can provide its controller access to three additional cards each turn
As long as Cloud is equipped, if one of his abilities or an ability from an Equipment attached to him would trigger, it triggers an additional time