It was commissioned by Richard Garfield (the creator of Magic the Gathering) to celebrate the birth of his first son. Only 110 copies were created (ie. one printing sheet), and he handed these copies to friends and family. Even though this isn't a real Magic card, it's nevertheless a humongously expensive collector's item. (As far as I know, you might be able to buy one for some tens of thousands of US dollars, if somebody is willing to sell their copy.)
So why am I writing about this non-card? I want to discuss a common phenomenon I have seen surrounding this card. Namely, many players express the desire to try this card in an actual game, because it sounds so fun.
I would posit, however, that this is a rather nonsensical idea for two major reasons: One rules-technical, and another practical.
I consider this a highly interesting card from a psychological perspective. Not because it would be fun or reasonable to play (for the reasons I describe below), but because it so easily fools even experienced players into thinking that it would.
The technical reason why this would be a completely nonsensical card to use in an actual game is that it interacts abysmally poorly with the rules of the game. The rules just don't support the mechanic depicted in the card. If you tried to play this card in an actual game, you would run into tons of rules interaction problems and situations that are just not supported by the rules.
As one, and the most obvious, example, this messes up completely with the notion of the "owner" of a card. There are myriads of rules and other cards that refer to the "owner" of cards, and this would mess up with that quite badly, and raise tons of conflicting situations. The rules of the game simply don't support the notion of the ownership of cards changing mid-game. And, as said, this is just one example.
The practical reason why playing this card is rather nonsensical is that, when you think about it for longer than a few seconds, this actually isn't such a fun idea in an actual game. I mean, this requires three players, and the third player is supposed to... do what, exactly? Just sit there watching the game, and just hope that one of the players happens to draw this card and happens to be able to play it? Chances of this not happening at all are quite high. Personally I would much prefer playing a three-player game from the get-go, rather than have one of the players just sit down there with nothing to do, just waiting for the random chance of joining the game. This card is not so fun in practice, in an actual game. It would be rather boring, in fact (especially for the player chosen to not play from the start.)
And this isn't even going into the fact that even if the card were to be played during a game, it would completely mess up with the deck contents, with each player essentially having random cards from two decks, with no guarantee that they will be playable (eg. because of too few lands, or too few lands of the proper mana colors.) Most likely the game would just become a random mess that screws one of the players, making it completely unfun.
Notice also that all cards are reshuffled into three decks, which effectively means restarting the game (except for life totals), but the card says absolutely nothing about drawing opening hands. In other words, the game is reset and becomes a top-deck mode game.
Some people would still protest and say that they would still like to play this card. The rules problems can be circumvented with house rules invented on the fly. Well, if you want to experience this, you don't need this card, nor do you need to have a third player waiting doing nothing: Just take two decks and shuffle them together and split it into three, and then start the game without opening hands. It will be pretty much the same thing as what this card would do. (And let me assure you that it would not be much fun. I have actually tried "top deck mode" Magic, ie. a game without opening hands, and it was random and boring as heck. And that was with normal constructed decks, not randomized ones.)
But yeah, I find the card interesting for this reason, ie. how easily it fools people into thinking that it would actually work and be fun to play.
