"For example, if one breaks out as a very popular card and we need to reprint an in-world version at some point." Transformers isn't the only popular IP that Magic: The Gathering has partnered with recently, most recently announcing a Warhammer 40K collection
Steamboat Pilot actually has decent stats with a three for attack and four for defense
Table of Contents show What Are Flip Cards in MTG

Ace's Baseball Bat Aettir and Priwen Andril, Flame of the West Andril, Narsil Reforged Bilbo's Ring Bitterthorn, Nissa's Animus Blackblade Reforged Caduceus, Staff of Hermes Captain America's Shield Conformer Shuriken Crown of Gondor Drach'Nyen Dragon Throne of Tarkir Eater of Virtue Elbrus, the Binding Blade Embercleave Excalibur II Excalibur, Sword of Eden Glamdring Godsend Hammer of Nazahn Hammer of Nazahn Hand of Vecna Helm of Kaldra Helm of the Host Hulkbuster Armor Kaldra Compleat Konda's Banner Lost Jitte Lucille Luxior, Giada's Gift Mask of Griselbrand Mithril Coat Mjlnir, Hammer of Thor Mjlnir, Storm Hammer Oathkeeper, Takeno's Daisho Shadowspear Shadowspear Shield of Kaldra Sting, the Glinting Dagger Sword of Kaldra Sword of the Animist Sword of the Animist Sword of the Realms Tarrian's Soulcleaver Tatsumasa, the Dragon's Fang Tenza, Godo's Maul The Aetherspark The Dominion Bracelet The Key to the Vault The Masamune The Reality Chip The Reaver Cleaver The Spear of Bashenga The Spear of Leonidas Toralf's Hammer Ultima Weapon Umezawa's Jitte Umezawa's Jitte Unscythe, Killer of Kings Wand of Orcus World Champion, Celestial Weapon Wrecking Ball Arm

The line I'll draw is that the card has two distinct names, and they often, but not always, have two distinct arts
Let's look at a few more examples