The two drop is three to activate, sacrifice of one dork, and then no life gain, so it's worse, but doesn't require black mana to activate
Only non-Aura permanent cards exiled by either of Karns first two abilities will remain in exile when the game restarts
The ability to exchange one resource for another gives players plenty of choice on how best to use their creatures, lands, and spells to find winning combinations (more info on the theory behind that here)
The other Midnight Hunt card which I cant go without mentioning is Tainted Adversary
Land Tax, known as the white Ancestral, allows a player who's behind on the land count to search his or her library for three basic lands a turn, and then draw the normal card for the turn on top of the previous trio
It tends to show up with commanders like Eriette of the Charmed Apple, Aminatou, Veil Piercer, and Light-Paws, Emperor's Voice, and its very close to an auto-include with the latter