That's right, this monstrosity has finally had it's effect confirmed. Vylon Disigma is a LIGHT Fairy, and among the first Rank 4 Exceed monsters. 2500 attack combined with 2100 defence, it's about on par with Aspiring Emperor Hope.
Except this effect is actually very good.
3 Level 4 Monsters
Once per turn, you can remove 1 of this card's Exceed Materials to select 1 face-up attack-position Effect Monster your opponent controls and equip it to this card as an Equip Card. When this card battles against a monster with the same Attribute as a Monster card equipped to this card by this card's effect, destroy that monster at the start of the Damage Step without damage calculation.
The first thing to note is this: three Level 4 monsters to summon. That's not great, since it makes it harder to summon. But I feel that the rest of the effect makes up for it: it turns Disigma into an psuedo-Catastor which can hit all types. Against decks based on archetypes, this will most likely be a very hard play, as most archetypes tend to gravitate around Attributes. And, thanks to this card, you can "absorb" their monster (preventing it from going to the graveyard) and use it to destroy them.
Interesting note is that as this is Light, I can quite conceivably see a Chaos deck rising up around it. Hm...