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Magic has had what are called "modal double-faced cards" before that allow you to cast either side from your hand, but this is the first I know of that also allows you to pay a cost to flip it while the front side is already in play - in this case, you can play Peter Parker for two mana, and then pay four more on a later turn to have him transform

A famous example is Ancestral Memory, the prototype for Ancestral Recall, and versions of iconic spells like Animate Artifact and Animate Dead also appeared in this early form

Its also kind of hilarious, in a way that most actual infinite damage loops simply arent

If it's not a spell we can (or want to) cast, then this ability is virtually the same as drawing a card and having it sitting in our hand