I haven't actively played for a long time, though I still have all my decks(Type 1) and binders full of cards. I played from Armageddon to First Dawn, placed high in a handful of tournaments, and even got the chance to beat a few people in a tourny that play professionally.
My favorite decks are my Green/Artifact beatdown/board control deck, Red/Artifact burn deck that never runs out of steam, and my sixty card Rainbow Sliver deck.
The game was really fun but I hated the amount of money you had to consistently sink to stay current. More than that though, once you got to the higher end of tournament brackets the douchebaggery really comes out in people, whether it's little mannerisms, a full-fledged attitude, or flagrant cheating. I loved the challenge of Limited, but the people really sucked the fun out of it.
On a sidenote, I highly recommend checking out Vanguard cards for any M:TG players who want a really fun twist to their game.