The resulting spell's color, mana cost, mana value, and so on are determined by only those alternative characteristics
Mikaeus, the Unhollowed Mikaeus, the Unhollowed is perhaps best known as a combo enabler
Under the "old" rules, you did not die until the end of the current phase (regardless of your life total), so you could Contract all day long even at zero life and simply cast a game-ending Drain Life to decimate your opponent
They just have that kind of old-timey look that I think comes from the one-of-a-kind framing on each card
Add in additional equity with cycling combos with cards like Drake Haven, and we have a card draw spell that will see ample play in Standard

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