I don't understand why some people think this card is so good.
Lands are about 45% of most decks. So (without any library manipulation techniques) you have:
- 55% chance of drawing one card for 2 mana
- 25% chance of drawing one nonland card & one land
- 11% chance of drawing two nonlands and one land
- 5% chance of drawing three nonlands and one land
- ...
The expected (= average) number of nonland cards you'll get is about 0.8 cards, if I'm not mistaken:
1-1/(0.55) = 0.8
So, looking at it like this, 2 mana for an average of 1.8 cards is not bad. However, the average return is not the whole story. After all, if a spell would give you 0 cards 90% of the times and 20 cards 10% of the times, it wouldn't be very good, even though the average number of cards it draws is 2. Most (55%) of the time, this card simply wastes two mana to get another card which will not be a land. In these cases, it won't fix your mana base, which is something I usually rely on card-drawing spells for.
So my question, after this analysis, is what kind of deck would you use Treasure Hunt in Limited, and when would it rest in the sideboard?
[[Treasure Hunt]]

