Extended (1.X) has a more limited card pool than 1.5, which contains all the cards in Type 1, with any card restricted or banned in Type 1 banned in 1.5. In other words, every set is legal, but the P9 and other broken Type 1 cards are banned. It's a better format than Type 1, in my opinion, although some absolutely ABSURD cards are banned. But that's just my opinion, of course - I still like Extended for variety!
I love drafting. You get new cards, and get to test out your deckbuilding skills without worrying that the other people have more money, so access to better cards. Everyone is equal.
You'd be surprised how many groupies would show up around Hatter's shop. Unfortunately over half of them were minors... And I've never really participated in strip Magic, but it would be cool... maybe literally...
My friends and have lots of fun playing Shared Deck. I've made a 200+ B/G deck that has huge fatties and everyone uses the same graveyard and library and starts with 40 life.