I've had this thought for a long time, which is that rarity doesn't really matter anymore except in draft. I have heard a bunch of stories from veteran magic players of how busted cards were hard to find, and I remember back in my noob casual days the fun of slamming down a bomb rare and have everyone go "whooaaa!!"
I miss that. Mostly, in my opinion, because formats like modern, standard and others, especially commander, have lessened the importance of rarity. In fact the game has become more of a power play, and utilizing the strongest cards you have available (which just so happens to be rares or uncommons, very rarely (pun intended) commons) Some say this is a good thing, and as someone who played modern and standard before and tons of commander, I'm starting to reconsider.
Rare cards, by looking at new set printings, are stronger than uncommons, which are stronger than commons. This is basic knowledge. And I found this when I drafted a recent set: Dominaria.