Yes, cards cast for their miracle cost go on the stack like other spells and can be countered like normal
Later in the game, you can have a greater toolbox, with different exiled creatures that can provide card draw, bounce, removal, or just size
Legality depends on the tournament format -- Fated Clash can be legal in some formats and banned or restricted in others
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decks revolve around putting extra lands into play, and making your land drop every turn is one of the best game actions you can take in Magic, especially in Commander
For high-end collectors, Serialized Cards (like the 001/001 One Ring ) have created a new asset class worth millions