Over time, the card will increase in value due to its combo potential in Commander, and Land Matters archetypes are commonplace in the format at present
The full texts of these abilities are "At the beginning of the monarch's end step, that player draws a card" and "Whenever a creature deals combat damage to the monarch, its controller becomes the monarch." If the triggered ability that causes the monarch to draw a card goes on the stack and a different player becomes the monarch before that ability resolves, the first player will still draw the card
The same goes for ink costs
It still has a place (mostly driven by nostalgia, probably) in dredge decks like Jarad, Golgari Lich Lord, and you absolutely have to run it on principle in Saffi Eriksdotter and Hans Eriksson decks
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