First strike and double strike still apply in the same way, and any creatures with first strike deal their damage before the creatures without first strike
Reid Duke, Frank Karsten, and Florian Koch have written about player ones advantage at length, but none have put it so succinctly as hall of famer Paulo Vitor Damo Da Rosa, who writes everyone understands that the default in Magic is to play the great majority of the time you think youve found an exception, youre wrong. Knowing all this, one wonders why Commander doesnt even try to help out players who lost the dice roll
Furthermore it fills up your graveyard which makes splits with flashback cards involved extra hard and can be generally useful for many things from Snapcaster Mage to Psychatog
But things really took off in 2023 when one of these cards was finally graded, skyrocketing its value, that too for an error card like this one
So you don't have to read 25 years of lore in order to understand the story behind the cards you're playing right now