You should definitely check out the mechanics article to get a full sense of what's going on
That being said, drawing and discarding is still a useful effect, as you can continually search for the cards you need while discarding the ones you dont
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Set Number 562 Language Deutsch Legal Formats Brawl, Commander, Competitive Brawl, Historic, Legacy, Modern, Pioneer, Timeless, Vintage Not Legal Formats Alchemy, Pauper, Standard Rulings (3/19/2021) Panharmonicon affects a permanent's own enters-the-battlefield triggered abilities as well as other triggered abilities that trigger when that permanent enters the battlefield
Konami banned Mass Driver on the March 2011 list, a bit after they killed off the FTK