Having removal that is this cheap and easy is great, especially with how powerful individual creatures are and how aggressive most of the decks tend to be
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Still, plenty of white decks run Farewell despite it being bad on some modes for them, and while Final Act is a bit meme-y in hitting Battles and removing counters, certain control-oriented builds in Grixis and Dimir especially would be happy to play this
The card was nowhere near useful, even back then, as the meta was fully filled with Haymaker decks which Magneton was unfortunately weak to