Magic is, hands down the best designed card game system I've ever seen. However, all the crap that Wizards seems to feel pressured force into each release dilutes the quality and makes it extremely variable from set to set/year to year. I think they've lost alot of the old set focus that I used to like (I want artifacts, I'll buy Mirroden. I want creatures, I'll buy Invasion), but also gained more draft balance. Drafting is about the only competitive fun I think you can find in Magic anymore, what with the 300$ mindless Jace spam and all the similar types of players competing in Constructed.
I might get HARDCORE back into magic if A) They sort of reset and said "All cards from this set on will be valid in all tournies" and designed around that principle and B) They introduced more rigid deck construction rules, specifically regarding the amount of Mythic Rares, rares, uncommons that you can have in a deck (Which they won't, since they want to make as much money as possible), such as you can have the normal 4 Common copies, only 3 uncommon copies, 1 Rare copy and 1 Mythic copy, as well as a maximum of 2 Mythics per deck.
Personally I think theres all kinds of potential in a Constructed format like that ^ but it'll never happen T__T