This weekend I got to play Archenemy for the first time (I bought the cards about a month ago, I think). It’s fun! In that depressing, we are never going to win, sense.
I have the dragon-themed scheme deck, but really, it could be anything, there aren’t really any “bad” cards. It is tremendously powerful, and I think the sweet spot is probably 3 or 4 versus 1. Some of the cards don’t make as much sense in 2 v 1 (choose to take 6 damage, or each ally take 3), and honestly, I am unsure if two people could take out an Archenemy. It would require incredible luck, and maybe them not having land in their deck.
Something that I am looking forward to is playing Archenemy in restrictive formats (Singleton, Pauper, Cube Draft), and then see what happens. I love randomness, and trying to react to a chaotic situation, it is how I get the most fun out of Magic. I think the added scheme deck does a lot of multiplayer in creating those situations. For 3 players we always have Planechase FFA. 