Yeah, I wouldn't recommend Forearmed on its own, but it's killer if you build a deck with it in mind. For example, combo your Elves with a deck that uses the Balrog, Sauron, or some other really expensive minion, and use Gandalf, Manager of Wizards to stack those cards so that Forearmed will draw a 12-18.
I have an elven event-besieger deck
forearmed rocks!
(expecially with nenya)
a story that has a happy ending is a story that isn't over yet...