I know the theory behind it, yes, but how does it actually work in practice? I have never used it, which is why I am asking. And I haven't used it because I always use Protector of Lórien in an Erestor deck, and this card just seems so inferior to it: the need for a location, being restricted, not versatile. Is the potential one extra progress worth its inclusion?

I know the theory behind it, yes, but how does it actually work in practice? I have never used it, which is why I am asking. And I haven't used it because I always use Protector of Lórien in an Erestor deck, and this card just seems so inferior to it: the need for a location, being restricted, not versatile. Is the potential one extra progress worth its inclusion?

Why is that an either/or situation? With the right support (Galdor, Silver Harp etc.) you can easily utilise both Protector of Lorien and Steed(s) of Imladris.

Honestly I picked Steed of Imladris not because I find it super good, but instead because I think is the least "meh" attachment of the cycle (I found the attachments to be somewhat lacking). Anyways, note that the ability of Steed of Imladris isn't limited to once per phase/round.

I'm wondering now if you can use the ability beyond the "HP" of a location and put the remaining tokens on the current quest; for example, let's say the active location has only 1 "HP" remaining, and you discard five cards... would that mean that 9 tokens would go onto the current quest?

First, please do not think I am a trouble-maker here, I like to hear arguments. Still, my experience with an Erestor deck is not exactly one of having too many cards on my hand (except round 1, and even that not always). But I will believe you if your experience is otherwise.

As for using the effect more than once, I am not sure but I think you are not allowed to discard more than 1 card since it is not an action, rather a response. I even seem to remember this being discussed when the card appeared but I am not entirely sure. I also do not think if there is just 1 progress on the location left that the other token would spill over to the quest.

Yeah, Steed of Imladris would be limited to once per instance that the attached hero commits to the quest. So, once per round in all but a few unusual situations. You can only activate the Response once per trigger (otherwise you could, say, use one copy of Mighty Prowess to kill all enemies on the table in a single go).

Compared to Protector you're sacrificing a card for 2 progress instead of only 1 and can potentially remove active location effects before the quest phase resolves. And you'll still make progress even if you don't win the phase.