While the cards were not originally tournament-legal, they were later made so in Eternal formats (Vintage, Legacy, Commander, and Pauper)
Now, the Oracle text has been updated to say Each player may exile their hand and draw cards equal to the amount of Energy paid this way, which is different than Each player may exile their hand and draw X cards. For more information on why this erratum was necessary, you can take a look here
Magic: The Gathering took things a step further by giving the card Sephiroth, Fabled Soldier, the ability to sacrifice one of your creatures for a benefit
When you know you have targets for it that you want to exile in some matchups then it is one of the better options
Five of COGconnecteds top Final Fantasy commanders for Magic The Gathering