In Japan (OCG), this card was limited to 1 with an errata (ruling changes).

These cards are still banned in the west (U.S./Europe) right now and the erratas aren't effective yet, but it's likely that these reforms will (soon or eventually) come to the TCG.

These are the following changes to the card:

•    You cannot activate other card effects in the same turn that you activate this card's effects

•    Your opponent takes 300x damage only for their cards which are sent (not yours)

Chaos Emperor Dragon

It's tamed just a bit so it's not insanely overpowered, but it's still leans on the broken side of things.  It's a 3000 ATK beater that's easy to summon.  The damage it inflicts is going to be cut from the 2000-4000 down to the 1000-2000 range.  So, the opponent has to be on their last limb to die from the damage, but it still can be deadly.

The main reason why CED won't ever be as broken as it used to be has more to do with the game itself than the errata changes.  We live in a resource rich time in Yu-Gi-Oh.  We have Breakthrough Skill, Solemn Warning, Fiendish Chain and so many other options, unlike in 2005.

The effect of nuking all cards in both players hands and fields is still nasty.  Unless you have graveyard-advantage like Glow-Up Bulb, you're leaving the entire game to a luck-sack draw risk, where your opponent gets to draw first.

You can't OTK with this card so easily and it's easier to counter, but it's still going to lead to many unpleasant moments.

Ratings

Traditional, Before Errata – 4.5/5 (OTK friendly)

Traditional, After Errata – 3.5/5 (less OTK friendly)

Advanced, with Errata – 4.5 (less horribly broken)

Advanced, if not Errata'd – 5/5 (horribly broken)

Chaos Emperor Dragon has seen a total of four erratas to date, and while it's become more unnecessarily word thick, the actual effect of the card itself hasn't changed much.  But there are some ruling changes.  In order one would logically assume to make this not be the finishing card of death it once was, for starters, you cannot activate another card effect the turn you plan to blow up the world with CED.  CED blowing up the world is an ignition effect as well.  One could only suspect, as Baneful referred to earlier this week, that with all these Banned cards seeing some watering down, it could be reasoned, that these cards may eventually return off the Ban List.  Making deadly cards a little less deadly is usually a good thing, but while inside I (and others) may think this isn't great in terms of this card, it might save your life once or twice.
 
Rating:

Traditional:  4.5/5  It's not as good as it was, but it can, and will upon its return, end many a game
 
Art:  5/5  Honestly, this is one of the best pictures in the entire game

Hello Pojo Fans,
 
Once arguably the most powerful monster in the game of Yu-Gi-Oh, it has returned to the OCG once again. Chaos Emperor Dragon was in almost any deck that ran LIGHT and DARK monsters when it was legal, and for obvious reasons. Powerful stats, great type and attribute support, and a game-breaking effect that could finish games the moment it activated. CED was part of a loop that ended countless games. Special CED while you have Sangan/ Witch of The Black Forest and your Normal Summon available, use CED's effect, search Yata, summon Yata and that's all folks.
 
Chaos Emperor Dragon's effect wasn't changed as much as other formally banned cards brought back to the game. Now, if you activate CED's effect, you cannot activate any other effects, so it's all or nothing now with Emperor Dragon's effect, though for the most part its effect was a way to reset the game unless you had that Sangan/Witch or something that could Special Summon itself from the grave (Zombies, Destiny Heroes, etc). The only other major change to this boss monster was that your opponent only takes damage from each of THEIR cards sent to the graveyard instead of ALL cards sent to the graveyard. While “sent” makes this effect great at loopholing around certain monsters that fire off effects upon destruction, your opponent not receiving damage from cards sent from your side of the field and hand is a slight hit to its greatness. The ability to do major damage when dumping your field and hand was useful if it meant putting your opponent in a tough spot or even to finish the game. Combine that with the restriction to not being able to activate any other effects that turn leaves you wide open for your opponents next move.
 
Chaos Emperor Dragon, despite its change in effect, is still one of the most powerful monsters in the game. You can still attack with it, then clear the board and both hands and deal damage. While you won't be able to activate other effects that turn, and your opponent isn't damaged by cards sent on your side of the field and hand to the grave, they are still losing their field and hand. CED can be thrown into plenty of decks that use their graveyard and thus could set up big plays by dumping their hand. These changes may not be enough for the TCG to bring any of the cards that have been brought off the Forbidden side of the list, but one never knows.
 
If you play some LIGHT and DARK monsters in your deck, play this dragon unless its effect would wreck your strategy.
 
Advanced-4/5
Art-5/5
 
Until Next Time
KingofLullaby

If you’ve played Yu-Gi-Oh! since the early days, or if you have heard about the early days, then you almost certainly have heard of Chaos Emperor Dragon – Envoy of the End. Brother of the still popular Black Luster Soldier – Envoy of the Beginning, Chaos Emperor Dragon was one of the most broken monsters to ever be printed (if not the most broken), even by today’s standards (and that’s really saying something). With the same easy summoning requirements as BLS (1 LIGHT and 1 DARK in Grave to banish), a massive 3000 ATK, and quite possibility the most devastating monster effect to ever grace this game, Chaos Emperor Dragon pretty much created the banlist (along with Yata-Garasu).

Said effect allowed the user to, at the cost of 1000 Life Points, wipe out every card on the field and in both players’ hands (thankfully this included Chaos Emperor Dragon itself). If that wasn’t powerful enough, it also dealt 300 damage to your opponent for each card; between the entire field and both players hands, that stacked up a lot. Wiping the entire board clean while also dealing a huge chunk of damage is already enough to warrant a ban on a card, but the Yata-Lock (which you’ve probably also heard of if you know about Chaos Emperor Dragon) was also a major threat during this time.

Even as time went on, and years passed with this card on the banlist, the game never reached the point where it could safely come back. A complete wipe was still too strong; cards that could completely wipe the field alone (like Judgment Dragon) were already controversial. What’s more is that Eclipse Wyvern was made, which could search out Chaos Emperor Dragon should it ever become legal.

It took an errata for Konami to finally let this card loose again in the OCG.

Said errata makes it so that the player who uses Chaos Emperor Dragon cannot activate any other effects in the same turn. Additionally, the 300 damage only counts cards that your opponent loses, effectively reducing the damage output by half. And on a minor note, they made it so Chaos Emperor Dragon could only be summoned through its own conditions (meaning it can no longer be revived by a card like Soul Charge or Lightpulsar Dragon).

I’m not sure how I feel about this errata. The changes are significant but I still feel like the card could still be overpowered. Of course, the current meta wouldn’t favor it; Burning Abyss and Shaddoll floating off of everything, using Chaos Emperor Dragon in a situation outside of ending the game just means you would put yourself at a disadvantage (as your opponent would get back cards but you can’t due to the restriction). If we were to leave a floater heavy meta I could certainly see this being a problem.

Only time will tell. It just goes to show how powerful this card was; they nerfed it significantly and I would say that it’s still really powerful.

Pre-Errata: 5/5 (I’d give it a 6/5 if I could; no monster comes close to matching the old Chaos Emperor Dragon)

Post-Errata: 4/5 (Large nerfs and unfavorable meta aside, this card is still a monstrosity)