Ignoring the hundreds of uses this has, it's a 3/1 flyer for 3, which isn't bad. In fact, if you bounce back one of your tapped lands, it's virtually a 3/1 for 2, which is great.
Now, we can take a look at all the other things it can do.
1. Freak out your opponent with its art
2. Can shield your eyes from the glare of the sun.
3. Can be turned into pulp, than recycled into a completely different piece of paper
4. Tear it up and use it as confetti.
5. Use it as a proxy for another card.
6. Fling it to create a diversion so you can place down a Cheatyface.
And it also has a readily abuseable ability that can reset planeswalkers, kill tokens, retrigger ETB effects, untap lands, remove blockers, destroy auras, unequip equipment, return creatures to your control, protect things from mass removal, and the list goes on.
Posted By:
Asmodi0000
(9/8/2011 9:18:04 AM)
@ Guest1381794618: That's a good idea, but unfortunately, if you flicker the Wisp with Venser, it exiles something your opponent has for the entirety of their next turn because the Wisp is returned at the end of your turn, so you couldn't exile it permanently with the Sundial. You'd need something like Time Stop instead. However, if you had Cloudshift instead of Venser...
Posted By:
j_mindfingerpainter
(6/18/2012 6:17:41 PM)
jesus donkey-riding christ, that thing is scary looking.
Posted By:
ToAsTy42o
(11/27/2012 4:34:28 PM)
I'm just wondering, are white elementals supposed to look like my nightmares given form?
Posted By:
NoobOfLore
(6/23/2011 10:34:33 PM)
This is my favorite white card of all time. People have already mentioned the efficiency and a few comparisons so I will get right to my favorite combos:
Tokens! Maul Splicer, Cloudgoat Ranger, Chancellor of the Forge
Resources! Soul Warden, Suture Priest, Elvish Visionary, Farhaven Elf
Removal! Acidic Slime, Exclusion Ritual, Sparkmage Apprentice, Furystoke Giant, Flametongue Kavu
Shenanigans! Flicker another Flickerwisp and then deprive your opponent of something then need next turn, use miraculous recovery to do these things instantly, remove a blocker, kill a token, force an additional bounce on a bounce land, get your permanents back, (re)move auras...
The efficiency is insane. 
for a 3/1 flier AND two 3/3 golems, or AND e... (see all)
Posted By:
kiseki
(8/19/2011 2:41:47 PM)
A very interesting mirror to the elementals of Lorwyn. Very eerie.
Posted By:
DoragonShinzui
(4/3/2012 10:40:16 PM)
Oh hai there Venser, the Sojourner and Sundial of the Infinite wanna come over to my place and hang out for a bit?
Posted By:
Guest1381794618
(2/14/2012 9:14:08 PM)
Comes in handy for destroying all the buffs that 7/7 trample creature was given last turn. And is it me or does it look like a Facehugger with wings?
Posted By:
Redspartan19
(5/15/2010 2:14:02 PM)
I like this card a lot. It would probably be too good if it had Flash. You can remove auras or +1/+1 counters from opposing creatures, reset your own creatures with counters on them, use comes into play abilities for a second time etc. And last but not least are 3 flying power for 3 mana a good deal.
Posted By:
holgir
(8/14/2009 8:39:03 AM)
Nice card. You might be surprised just how much damage a 3/1 flyer for three mana can wreak. It's extra ability is just waiting for all kinds of mild abuse.
Posted By:
Knifethrower
(2/11/2010 7:51:15 PM)