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Iraxxa is one of three token-generators in the deck, the others being Faldorn, Dread Wolf Herald and The Lost and the Damned

On the positive side, redoing old mechanics allows Wizards to smooth things out for new players

Any ability that says a player wins or loses the game still works

Chasm Guide

Many such cards have a triggered ability that transforms the card (when it's on the battlefield.) One of the most typical such ability is " at the beginning of each upkeep, if no spells were cast last turn, transform (this card) ." Many players actually don't realize that this is a normal triggered ability that uses the stack, and therefore can be responded to