The main problem I see with Iconic Masters and now Masters 25 is that Wizards has a very different attitude towards the set than the players do. What are they doing wrong? Well, in my mind, Wizards could consider a set a success if they a.) create a fun limited or draft environment, b.) please enfranchised players and collectors by not devaluing their expensive cards, c.) please new- and mid-level players by making available cards that they never knew about or couldn't previously afford, and d.) make money off the product. Let me discuss each of these points in detail.
a.) A fun draft/limited environment. I have no doubt in Wizard's capacity to do this. Their Masters sets have been fun to draft. However, I think if someone is going to spend $35 on a draft, they're going to want to walk home with not just a good experience, but a few high-value cards. You may pass a Phyrexian Obliterator because you're not in Black at all, go undefeated, and your prize packs have rares like Armageddon, Tree of Redemption, and Bident of Thassa, you're going to kick yourself for passing the Obliterator. This can sour the whole draft esxperience.
b.): Is this set for collectors and highly enfranchised players? The makers claim the set is all about nostalgia and printing some of the most important cards in Magic's history, so that would seem like it's for the old players who've been watching Standard closely for 15, 20, or 25 years. If so, what's nostalgic about Triskaidekaphobia, or Enthralling Victor, Urbis Protector, and even Murder? When you see these cards, are you reminded of anything? Do they "take you back"? There are an absolute ton of these cards which are about as memorable as a Transformers movie.
c.) Is the set to give access to these expensive cards to newer players? If there's one thing I can't stand, it's an artificially inflated price tag. Cruel Edict, Diabolic Edict, and Chainer's Edict all have a similar effect, but one of these is $12, while the others are like 50 cents. People were clamoring for reprints of Ancient Stirrings and Utopia Sprawl, Street Wraith, Simian Spirit Guide, Chalice of the Void, Ensnaring Bridge, so we'll give it to 'em, but we'll shift the rarity up to keep the price high. Plus, there's a ton of bulk rares that not even the casuals will enjoy. Do you really think someone's going to see Ruric Thar at the end of their pack and go get their brewer's pants on? Please.
d.) Will it make money for Wizards? That's the big question. The thing is, there are so, so few rares that are actually worth the value. I don't think cracking packs will be enjoyable. Most packs you're going to instantly regret after opening, and even drafting can be soured as I mentioned before. Here on this page I have included all of the cards from the set that are above the (whopping $10) MSRP pack value. How many of these cards do you (yes, you, reader) really want to sleeve up and play? How many get you excited about getting into a new format with a sweet new deck? For me, it's none of them. Jace would just go in my Commander deck; I'd pull out some other placeholder Jace I have in there. The lands I would also keep, because lands have long-term value and playability. Almost all the others I'd sell as quick as I could, because cards like Imperial Recruiter and Vendilion Clique are not splashy, fun cards that make you feel like you're winning the game when you cast them. In my opinion, this set, like Iconic Masters before it, is not going to sell very well because people don't want these bulk rares.
I'm not claiming I could do a better job at designing a set, but I just wanted to lob some valid criticisms at these back-to-back (what I perceive as) disappointing Masters sets. I want to hear what your take on this is. Feel free to comment below why you think Masters 25 is disappointing or why it's not disappointing.