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While getting an Elf back when it dies is good, the immediate value when played is just a three-mana 3/1

The requirements for the "evolution" are found in the upper left-hand corner below the Stage Level (Basic, 1, or 2)

But its a plenty powerful sacrifice outlet when you build around it

Condition: Mint or PSA-graded cards command significantly greater value than their worn counterparts

If, while you control Council of Reeds, you also control more than one legendary noncreature permanent and at least one creature all with the same name, the legend rule applies to only the noncreature permanents

A Pokmon cant evolve the same turn its played, and can only evolve once per turn, unless an item card like Rare Candy specifies otherwise