We don't know what it did, but apparently Wizards wanted leaders to be "a splashy, exciting typal element, primarily for Constructed"
1Irresistible Prey
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The loss of life is acceptable, but it can be a liability when facing aggro and burn decks
Unfair I think for any level of Commander that isnt cEDH, what kind of interaction you choose to play boils down to asking yourself, Is my opponent doing something fair? Graveyard decks are the perfect example to look at for this, as they are fundamentally breaking the rules. Whenever a game action is achieved through spending less mana than it usually should, its considered to be breaking the rules. Similarly, when a game action rewards you with more card advantage, mana production or other resources in greater abundance than the going rate, its also considered to be breaking the rules. Breaking parity in this way whether through a play as powerful as reanimating Griselbrand or something as innocuous as flickering a morph for less mana than the morph cost is what helps us win a game of Magic