I would like to present few comments on what factors I used to decision process. The main traits examined were power, utility, playability, adaptability. Power is simple enough. Game winning cards, or game breaking cards have high power ranks. These cards have enormous output. They are often cards one hopes to topdeck. Second is utility, cards that are useful to player. These cards may aid you in whatever goal you hope to achieve. They can allow you to gain a superior position, or they might help you get out of tough situations. Next is playability. Most often this has to do with the card's costs. This includes casting costs, activation costs, as well as drawbacks it has. Last is adaptability, which is how well the card fits into an average deck. Adaptable cards are often called staple cards, since many decks that can play those cards often do. They are also fit into decks many decks that can vary in themes. Tolarian Academy, though extremely powerful and broken, has a fairly limited scope of decks that it is appropriate for. Counterspell however, fits well into miriads of control and aggrocontrol decks, and can even go into decks that have nothing to do with the control theme.
In analyzing permanents, I looked at two additional characteristics. They are endurance and effectiveness. The advantage of a permanent is that it is a reusable resource. The disadvantage is that it can be removed, sometimes before it can even provide a use. So of course it would be great for a permanent to have endurance, by either having the ablility to protect itself from removal or have staying power. Hypnotic Specter is a phenomenal card, but it's defense is nothing compared to the 4 toughness and regeneration of a Masticore. Another good trait is effectiveness, or the ability to provide a use despite removal. For example if Aluren were targeted with a removal spell, players can still drop cheap creatures for free instantly in response. Or if someone tried to destroy your Yawgmoth's Bargain, you can still make use of the dark enchantment's card drawing capabilities before it goes away. Removal does not stop an effective permanent from generating an effect. But yet it is often more of a threat if these permanents were allowed to stay in play.
Well after my analysis the cards in the following list comprise what I award to be the supreme cards of Magic. I tried to keep variety in the collection, and leave my biases out. For that reason it did not seem appropriate for me to rank them. I sort of wish that I can include at least one more creature in the list. But which creature would it be, and what card would I replace for it?
BEST LANDS | |
     Dual Lands | Best Land for Mana |
     Library of Alexandria | Best Land for Utility |
     | |
BEST ARTIFACTS | |
     Black Lotus | Best Artifact for Mana |
     Zuran Orb | Best Artifact for Utility |
     | |
BEST ENCHANTMENTS | |
     Necropotence | Best Echantment for Utility |
     Survival of the Fittest | Best Echantment for Selection |
     Rancor | Best Enchant Permanent |
     | |
BEST CREATURE | |
     Morphling | Best Creature |
     | |
BEST SPELLS | |
     Ancestral Recall | Best Card Drawing Spell |
     Demonic Tutor | Best Tutor Spell |
     Regrowth | Best Retrieval Spell |
     Time Walk | Best Tempo Spell |
     Balance | Best Global Removal Spell |
     Timetwister | Best Reset Spell |
     Force of Will | Best Counter Spell |
     Counterspell | Best Spell not on the List |
     Mind Twist | Best Discard Spell |
     Lightning Bolt | Best Burn Spell |
     | |
BEST REMOVAL CARDS | |
     Swords to Plowshares | Best Creature Removal Card |
     Strip Mine | Best Land Destruction Card |
     |
BEST ANTE CARD | |
     Contract from Below | Best Ante-Play-Only Card |