As the sole supreme-level exemplar among limited counterparts, it symbolizes the charm of Pokmon's formative years
The format allows you to try out some wacky combinations that, generally, would not be allowed in sanctioned play
Triggered abilities controlled by other players will resolve before triggered abilities you control
It can take any player out of the game if you combine it with Peer into the Abyss, or you can enchant it with Phyresis and play something like Echo of Eons or Windfall for a similar effect
Krenko, Mob Boss and Goreclaw, Terror of Qal Sisma are the two easiest to pilot both are single-color, both cost about $2, and both have a one-sentence game plan
In terms of a serious threat in blue that costs five mana Meluko trumps all the alternatives however when facing the likes of Banelsayer Angel, Wolfir Silverheart, Seige-Gang and Thundermaw Hellkite from other colours you are much better off casting a Time Warp and making a six drop