At the beginning of each player's upkeep, that player chooses artifact, creature, land, or non-Aura enchantment. All nontoken permanents of that type phase out. (While they're phased out, they're treated as though they don't exist. Each one phases in before its controller untaps during their next untap step.)
10/4/2004 Does not affect token permanents, only cards.
8/1/2005 Can affect itself if you choose “non-Aura enchantment”.
10/1/2008 This has the supertype world. When a world permanent enters the battlefield, any world permanents that were already on the battlefield are put into their owners’ graveyards. This is a state-based action called the “world rule.” The new world permanent stays on the battlefield. If two world permanents enter the battlefield at the same time, they’re both put into their owners’ graveyards.