Just make sure your friends agree to this first
However, in limited formats (Sealed Deck, Booster Draft and Rochester Draft to be specific), commons are a lot more relevant than uncommons, which in turn are more relevant than rares
Trigger the second Cascade, and choose whether to play the spell you exile
Where this does start to look really good is as a way to put three new cards in your hand without breaking the bank on mana or crippling yourself on tempo
Thats good, but it also reads, Whenever you cast a spell, each opponent reveals cards from the top of their library until they reveal a land card, then puts those cards into their graveyard. Being able to cast any spell and then mill everyone is absurd, and the fact that this can then also kill people if needs be is unparalleled