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In Commander, this card works great in token strategies, pairing nicely with things like Jaheira, Friend of the Forest to create an army of tasty Frogs

While there are certainly powerful cards that generate tokens or provide similar benefits, such as Elspeth, Sun's Champion or Sorin, Solemn Visitor, Applejack's unique ability to create tokens based on toys offers a fun and thematic twist that could see play in casual or flavor-focused decks

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In the end, I think these two great cards want to be in different decks: Genesis Wave wants to be in Big Mana decks that have high concentration of permanents

The more incidental life gain black gets the better this is and vice versa for incidental life costs