10/4/2004: It does give the land a color and creature type, which is unlike most other ways to animate a land.
10/4/2004: This can be placed on any land, not just Forests.
8/1/2008: A noncreature permanent that turns into a creature is subject to the "summoning sickness" rule: It can only attack, and its {T} abilities can only be activated, if its controller has continuously controlled that permanent since the beginning of his or her most recent turn.