Quote fromI take it gold-bordered cards count as whatever rarity they actually are?
That's correct. The gold border would mean absolutely nothing other than the fact that it must be sleeved (since their card backs are different from those of regular Magic cards).
Quote fromWell madness will win, again and again, like in all "peasant" format... That is the problem with "low cost" format.
Why is that? Remember, the opponent will have access to rares too, just less of any single rare.
Quote fromI had a simmilar format idea that I made a couple of my friends build decks for. Precon Rules:
2 Rares no more than x1
13 Uncomons no more than x2
Rest Commons no more than x3
How did it work out?
With this new "Budget Magic" system, you could play with all your favorite rares--just one of them per deck.
Quote fromWould the non-restricted Wishes be allowed in the format as your rare? They could be all kinds of different rares.
Yes. Of course, the nomal rules of Standard/Extended/Legacy would apply here with a Budget Magic deck, so a matchup between Standard decks wouldn't have to worry about the "wishes."
Remember: This format is a way of saying "NO!" to Wizards of the Coast. It's also a way of narrowing the gap between those who purchase multiple boxes of each new set and those who have neither the money nor the inclination to do so. It's also a way of making preconstructed decks a bit more competitive than they'd otherwise be fresh-out-of-the-box. It's also a way to finish building a competitive deck sooner--less time and money need be spent chasing rares.
And that's only a few of the many other advantages.