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The first is a triggered ability: "When this permanent enters the battlefield, target player may search their library for a card named [name], reveal it, put it into their hand, then shuffle." Note that the target player searches their library (which may be affected by effects such as that of Stranglehold) and that the card they find is revealed, even though these words aren't included in the ability's reminder text

Vedalken Blademaster: Limited

Will access to Persist mean that this has a role in Modern, where there are bad Dimir control decks using Grief

The original deck was very much lacking in evasive effects

Since this card's effects depend on how many cards your opponent has, it will probably be relegated to the sideboard in most decks and brought out with cards with the learn mechanic