Phantasmal Fiend

Effects that switch a creature's power and toughness apply after all other effects, regardless of when those effects began to apply. For instance, if you target a 1/2 creature then give it +2/+0 later in the turn, it's a 2/3 creature, not a 4/1 creature.

Because damage remains marked on a creature until the damage is removed as the turn ends, nonlethal damage dealt to a creature may become lethal if you switch its power and toughness during that turn.

Switching a creature's power and toughness twice (or any even number of times) effectively returns the creature to the power and toughness it had before any switches.

Effects that switch power and toughness are always applied last when determining a creature's power and toughness, even if other power/toughness-changing effects are created later in the turn. For example, if you activate Phantasmal Fiend's first ability, it will become 2/4. Then if you activate its second ability, it will become 4/2. Then if you activate its first ability again, it will become 3/3.

Note that the wording "Effects that alter the creature's power alter its toughness instead, and vice versa, this turn" has been removed.