Faerie Conclave enters the battlefield tapped.
{T}: Add {U}.
{1}{U}: Faerie Conclave becomes a 2/1 blue Faerie creature with flying until end of turn. It's still a land.
Activating the ability that turns it into a creature while it's already a creature will override any effects that set its power and/or toughness to a specific number. However, any effect that raises or lowers power and/or toughness (such as the effect created by Giant Growth, Glorious Anthem, or a +1/+1 counter) will continue to apply.
A noncreature permanent that turns into a creature can attack, and its {T} abilities can be activated, only if its controller has continuously controlled that permanent since the beginning of their most recent turn. It doesn't matter how long the permanent has been a creature.