If related effects exist, it goes where the effect sends it
Have a spending limit in mind and pace yourself
There are a lot of directions you can take, too, from tap/untap shenanigans to stax manipulation with cards like Winter Orb
With upgrades, it has the potential to even break into the higher power levels of Commander with many ways to go infinite, especially with Shalai and Hallar's effect since it isn't once per turn.
This card is also going for above $100 currently
This means it's not possible to cheat creatures into play out of nowhere (which madness can do), but it also means you're granted more flexibility, because you can cast a spell for its mayhem cost at any point during the turn in which it was discarded (rather than having to choose immediately as per madness rules)