Now that we've discussed why the cards on the Modern banned list are on the list, it's time for the fun part
You can play it like Chandra, Torch of Defiance with her first activated ability
Any effects that increase or decrease the cost to cast it (including the "commander tax" in a Commander game) will also be taken into account
So long as you have a land that produces more than one mana at a time, you can instantly generate infinite mana, though you then need something to put it into, like a Fireball for instance
Yawgmoth combo, for example, competes in Legacy and Modern by utilizing Persist creatures combined with Yawgmoth, Thran Physicians sacrifice effect to draw your entire deck
Flashback More of an aid against floods where the high flashback costs are much more worthwhile things to be doing (than the nothing you might well otherwise be getting upto)