He's a nice card. But Ladd is broken compared to him. The advantage Harper mentioned and the number of ways to remove him are the reasons nobody runs it.
You know of Ancient Gear Gadjiltron Dragon, right? He's trading piercing for being able to be special summoned.
I won't mention the rest of the effects because most of the times you won't tribute gadgets.
If you modify the classic Frognarch deck that runs Ladd and maybe add more Ronintoadins and lessen on Monarchs, you get a fun deck that can get this guy out (I have a certain build to summon Obelisk). But compared to Ladd just might not be worth it.
Something more, look Hardened Armed Dragon up.
edit: the things you will attack will most probably be a ryko, a face-down frog, a snowman-eater... :P