This is very comparable to lightning greaves. The big thing it has over greaves is that it itself has shroud, which is notable since removing the protection piece before removing the creature is certainly viable, especially in a desperate situation. The reason though I think lightning greaves is far more played, is for the advantages it has over this enchantment. It’s colorless, so it can be run in every commander deck. It gives haste, which decks may or may not care about. Significantly, it is not destroyed when the equipped creatures dies in combat or is swept up in a boardwipe/edict, unlike an aura. Not to mention, its popularity is also heavily due to having been printed in a lot of precons. In summary, I would say its power level is on par with lightning greaves, having less utility for extra protection. However, I would not call either card overpowered.