"Negate" vs. "Destroy" and Continuous Cards
[FONT=Arial, Helvetica, sans-serif]Chaining "Mystical Space Typhoon" (or "Dust Tornado") to a card like "Raigeki" (or another Normal Spell or Normal Trap Card, a Quick-Play Spell Card, or a Ritual Spell Card) has no effect, as it does not negate the card's effect. So if "Raigeki" is activated, and the opponent chains "Mystical Space Typhoon" to destroy "Raigeki", "Raigeki"'s effect still resolves as normal. [/FONT]
[FONT=Arial, Helvetica, sans-serif]But, if you chain against a Continuous or Equip Spell Card, or a Continuous Trap Card, with "Mystical Space Typhoon" (or "Dust Tornado"), the Continuous/Equip Card is no longer active because it is destroyed, and the effect does not resolve and disappears.
Example #1:
Step 1: Player A activates "Raigeki."
Step 2: Player B chains "Imperial Order" to negate the effect of "Raigeki."
Step 3: Player A chains "Mystical Space Typhoon" (or "Dust Tornado") to destroy "Imperial Order."
(resolve in reverse order)
Step 3 resolves first. "Mystical Space Typhoon" destroys "Imperial Order."
Step 2 would resolve next. "Imperial Order" has been destroyed though and its effect disappears.
Step 1 resolves. "Raigeki"'s effect activates as normal. For the exact same reason, if you chain "Mystical Space Typhoon" to "The Eye of Truth", or "Premature Burial", or "Call of the Haunted", the effects from those cards never happen.[/FONT]