On a permanent, its a static ability, while on an instant or sorcery, its a spell ability that check the game state upon resolution
Its Poke-Power is called Form Change and it basically says that once per turn before your attack you can search your deck for another Deoxys and switch it with this card, so if you have a better Deoxys you want to use, a different forme you use that card, all energy cards and damage stay on the new Pokemon you put in
5 Shadow of the Enemy Yes, Shadow of the Enemy requires a lot of mana to make work, but there are plenty of ways to get a lot of mana even in Tales of Middle-earth (Smaug would like to give you 14 treasure tokens, just as an example)
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You can probably see where this is going