Other effects that are affecting its power and/or toughness, including +1/+1 counters and the effects of spells like Giant Growth, will continue to apply
Its still a really good card in many contexts

Vampiric Bloodlust Edgar Markov | Illustration by Volkan Baga Commander (1) Creature (26) Anowon, the Ruin Sage Bloodlord of Vaasgoth Blood Baron of Vizkopa Butcher of Malakir Captivating Vampire Dark Impostor Drana, Kalastria Bloodchief Malakir Bloodwitch Sangromancer Skeletal Vampire Vein Drinker Blood Artist Bloodhusk Ritualist Falkenrath Noble Pawn of Ulamog Vampire Nighthawk Rakish Heir Stromkirk Captain Tithe Drinker Patron of the Vein Bloodsworn Steward Kheru Mind-Eater Licia, Sanguine Tribune Mathas, Fiend Seeker Crimson Honor Guard Bloodline Necromancer Instant (7) Crackling Doom Return to Dust Swords to Plowshares Go for the Throat Skeletal Scrying Teferi's Protection Mortify Sorcery (11) Fell the Mighty Blood Tribute Consuming Vapors Damnable Pact Merciless Eviction Ambition's Cost Read the Bones Syphon Mind New Blood Disrupt Decorum Kindred Charge Enchantment (8) Blind Obedience Black Market Sanguine Bond Underworld Connections Outpost Siege Kindred Boon Curse of Vitality Curse of Disturbance Artifact (10) Blade of the Bloodchief Door of Destinies Well of Lost Dreams Boros Signet Orzhov Signet Rakdos Signet Skullclamp Sol Ring Worn Powerstone Heirloom Blade Lands (37) Swamp x8 Mountain x4 Plains x3 Akoum Refuge Bloodfell Caves Bojuka Bog Boros Garrison Boros Guildgate Cinder Barrens Command Tower Evolving Wilds Forsaken Sanctuary Kabira Crossroads Nomad Outpost Opal Palace Orzhov Basilica Orzhov Guildgate Rakdos Carnarium Rakdos Guildgate Scoured Barrens Stone Quarry Terramorphic Expanse Urborg Volcano Wind-Scarred Crag Path of Ancestry Commander, Themes, and Strategy The last deck in Commander 2017 is an all-around balanced deck that revolves around swarming your opponents

The tutors are particularly powerful in conjunction with cantrips like Opt or Expedite, which allow you to draw that card for one more mana
The deck also benefits from the reprint Fire & Ice and features multiple Throne of Eldraine adventure cards to circumvent the cascade mana cost restriction