As for the special cards for special people, they aren't something I'd value to be honest. Back when I did collect paper cards, I found the inclusion of foils and whatnot quite frustrating. There was no real way to collect a full set without investing a lot of money in the singles and I always preferred to have all my cards of the same type. (Damn you OCD! #shakes fist#). Putting all the special cards off to one side would be better for someone like me as they would be easy to ignore/collect depending on preference.
I can kind of see why WotC would want control over popular formats. It's profitable obviously, but it also allows for 'official' rules, events and tournaments. Not that I necessarily agree that such a thing is needed, just why WotC would want it in their hands rather than under the influence of a group/groups of non-profit hobbyists.
Maybe it's just the DT's from not being able to play Arena talking, but there is a voice at the back of my head that keeps saying how awesome it would be to collect MtG in paper again. I can't be certain, but I think the voice has a slight Glaswegian brogue to it.

Pros
- The thought of ranks of binders full of carefully arranged cards in crisp, clear plastic sheets appeals to the collector in me. (Which is bizarre as I am not a neat or tidy person in any other aspect).
- Hunting down those last few cards to complete a 1-of-each set gives a nice sense of accomplishment. (but see below).
- Opening boosters is fun.
Cons
- Cost. Any money spent on cards is money not spent on minis. (Not that I need more of those either). If I were to spend money on MtG, Arena is a cheaper alternative. I am aware that it is possible to just buy a complete set from Ebay, but that is no fun at all.
- Older cards can go for stupid money.
- There is no intrinsic value in having a full set of cards. As soon as a set is complete, it's value as a thing to collect is finished. Aside from the few cards per set that are great in Modern, the resale value is probably poor.
- Cards arranged neatly in files as a collection =/= cards for playing with. I would probably want a second (incomplete, but more competitive) set to play with. The idea of just getting desirable cards to play with and not full (1-of) sets of cards leaves me cold.
- Is this just a midlife crisis, trying to recapture the fun of my youth?
- I am not the most focussed of people. There is a high chance that this would be forgotten about when the next shiny thing catches my attention.
- I barely get to play wargames these days, so playing MtG offline seems unlikely unless...
There are plenty of stores in Nagoya and even a few near me that sell cards and host game evenings. Having been to a few of those stores and seen the usual crowds, I'm not too sure about actually going along to play there. When I have been into hobby shops in Japan, the UK and the USA, the clientele are often high-schoolers/young adults, male, and occasionally lacking in personal hygiene and social skills. Now, perhaps the FNM groups are more sophisticated and play wearing tuxedos and sipping brandy, but I doubt it.

Back home, I always played Magic among a small group of close friends, usually big multiplayer games with 'anything goes if it's fun' style decks, usually followed by a takeaway after the games. To me, kitchen table MtG is far more fun than serious tournaments with $1000 netlist decks.
So I have the option to play on my way home from work sometimes, but I'd much rather play with a group of friends and a few beers. (Or a few friends and a group of beers

I realize much of this post is not really related to Arena.