Equip Spell Card/Effect: Pay 800 Life Points to target 1 monster in your Graveyard; Special Summon that target in face-up Attack Position and equip it with this card. When this card is destroyed, destroy the equipped monster.
Why is it banned?: Well Since it's an equip spell it stays on the field equipped to the target monster. So monsters like "Brionac, Dragon Of The Ice Barrier" can infinitely loop it over and over again. Also cards like "Blackwing, Zephyros The Elite" and "Giant Trunade" can loop it as well. But a main reason why it is banned is because of the card "Hidden Armory".
Normal Spell Card/Effect: Send the top card of your Deck to the Graveyard; add 1 Equip Spell Card from your Deck or Graveyard to your hand. You cannot Normal Summon/Set during the turn you activate this card.
Even if Premature Burial is limited, it is still considered to be at 4 because 3 armories can keep adding back Premature Burial from the grave to your hand.
Should it be brought back?: In my opinion no. Premature Burial is a main card for OTK/FTK and loop decks. Basically it is faster than Call Of The Haunted since it's a spell card. Also, the equip spell has to be destroyed, which means that banished, sent back to hand or deck does not destroy the target monster. But on the other side, you may wonder why Monster Reborn isn't banned and Premature Burial is. Well like I said Premature Burial can be looped over and over again. But please, this is up for discussion so discuss if Premature Burial should be brought back or not?