Bazaar of Baghdad is a very good card. A good description of it's usages can be found in this SCG article. From that article:
One of the most powerful effects in Magic the Gathering history is the interaction between Squee, Goblin Nabob and Bazaar of Baghdad. These two cards have the power to create card advantage like very few things can. Once operating, this combo creates a virtual Ancestral Recall, for free each turn, which cannot be countered by conventional means.
It is a reusable non-counterable draw-discard engine. This means it's incredibly useful with graveyard and discard mechanics; namely, Dredge, Madness, and Flashback. It essentially lets you filter through your library piece by piece, with the only real cost being one less land usable for mana and the loss of a card from your hand. This is offset by it's usability in winning games quickly.