This card can Special Summon the monster it equips itself to using its second effect, provided there is another appropriate target in the Graveyard and another monster on your field to Tribute; upon Tributing this card, the equipped monster will go to the Graveyard and become a legal target for its effect.
You can also re-Summon the monster you Tributed along with this card, provided it's a Level 7 or 8 Dragon-type monster. This works best for reusing the effect of "Divine Dragon Lord Felgrand" or "Arkbrave Dragon".
This card works well in "Blue-Eyes" or "Red-Eyes" Decks thanks to their overabundance of Level 7 and 8 Dragon-Type monsters.
You can send the equipped Dragon-Type monster to the Graveyard to Special Summon a "Dragon Lord Token" from "Ruins of the Divine Dragon Lords". Then, use this card's effect to Tribute itself and the Token to Special Summon a Level 7/8 Dragon, even the one that was just equipped to it.