Fraying Sanity's triggered ability counts the number of cards that were put into the enchanted player's graveyard during the turn, even if Fraying Sanity wasn't on the battlefield at the time those cards were put there, and even if those cards have left that graveyard
Faded Colors Perhaps the most readily apparent difference between the two sets is the faded colors on Revised cards
Probably better in Constructed than in Commander, which is reflected in the fact that this common goes for more than a dollar
Even if you wanted to play a standard game with this, the only fun part is mixing 3 differnet decks of your choice together, but the unfun part is the lack of good cards to pull you into the game
Beyond that I'd focus on picking up powerful staples, like Vampiric Tutor, Demonic Tutor, and Diabolic Intent swapping in for weaker tutors, and Cyclonic Rift for that sweet one-sided wipe