Most of what needs to be said has already been said here, but I wanted to add two more targets: Prince Imrahil and Haleth. I'd also note that this attachment is more likely to find a juicy target when you're playing multiplayer, especially 4P.
A really good ally with a high-risk, high-reward text. And allies with two Willpower for two resources are always great, even if most of them have Spirit as a home.
For its Action, it is specially good in a deck that feeds its discard pile, like Noldor, Caldara, or any deck with key cards that should not be lost, like Council of the Wise. For the passive ability, I understand it thematically, losing the game if Frodo dies - for which it's nice to have two hit points! But I don't understand the thematic excuse for his action. Is Frodo now a Necromancer, resurrecting dead allies? Is he delving into the ancient writings of Minas Tirith like Gandalf? Why can he retrieve cards from the discard pile?
Anyway, a great card that even allows you to use the Spi ally Sam Gamgee. And you can always nullify the risk by returning him to your hand after using his Action with effects like Lily Cotton - even if it doesn't allow you to use his action again.
I like his stats, he can be used at questing or defending. But I don“t see many options to discards allys from play. Maybe someone can help.
At first glance I wanted to combine him with Eowyn and Theoden in a mono spirit deck.
I want to like all cards. I want to find a fringe case for every one. This card is very difficult to do just that, but let me try:
Let's start with the reasonable scenarios of controlling 2 or fewer heroes:
1) Running a contract that demands it, such as The Grey Wanderer or At the End of All Things.
2) You deliberately sacrifice your hero, such as Boromir or Caldara
3) You are lending your hero to another player with Desperate Alliance
4) You lose control of a hero in a rescue mission style scenario (akin to Escape from Dol Guldur, but in that case, I believe it's been ruled that you still "control" your captured hero)
Now how could this card help in the above scenarios?
If you are utilizing your threat but include secrecy cards that become more expensive when your threat goes above 20, then this card is certainly a good one to play in the planning phase.
OR
Played during the encounter phase in order to dodge an enemy
OR
To trigger special "enemy's engagement cost higher than your threat" text such as Dagger of Westernesse, Sam Gamgee, and Boromir, most often during either the encounter or combat phases.
There's also a cool combo using A Elbereth! Gilthoniel! that can significantly lower your threat -- for example if your threat is 40, and you are being attacked by an enemy whose engagement cost is 21, if you play Vanish from Sight, not only do you kick this enemy to the bottom of the encounter deck (for free, since you are in secrecy) but you also drop your threat to 21.
Alright short of that... bicycle spokes.
Another card from ALEP that I love but worry may be a bit overpowered. Picture this, a Bond of Friendship Hobbit deck plays this card. Within a few rounds 3-4 of those heroes have gained an extra resource, assuming each have different threat costs. The card can then move over to one of the heroes of another player in the Fellowship. Since Hobbits have such low starting threats, chances are the next player's heroes all have a higher threat cost, so 2 or more of them can now can get a resource each over the next few rounds. Hey, we need powerful cards like this. And it does require a unique Hobbit character to play, which prevents it being splashed around too widely.