Chains of Mephistopheles seems to have changed functionally from the last time I've played against it (2003?). The text is now as follows.
If a player would draw a card except the first one he or she draws in his or her draw step each turn, that player discards a card instead. If the player discards a card this way, he or she draws a card. If the player doesn't discard a card this way, he or she puts the top card of his or her library into his or her graveyard.
The original text is
Every time a player draws a card, that player must first discard a card from his or her hand. If there are no cards in player's hand, take top card from library and place it in the graveyard instead of drawing. This enchantment does not apply to the first card drawn by a player during the draw phase.
I haven't been able to find the older oracle text which was a hybrid of those two. The change there is that you can no longer draw a card during your opponent's draw step unhindered. Previously, an active Library of Alexandria could be used to draw a card every turn w/o penalty. Timing card draw during the draw step was also often the right play. Is anyone aware of when this rules change happened?