I would have really loved this at 1BlueBlue... A more restrictive cancel (can only hit creature-spells), that rewards the caster with a token for the additional narrowness of the counter....

My guess is that they playtested it at 1BlueBlue somewhere along the way, and decided that it needed to be 1 more for limited.... at CMC 3, this would have been a neat card for casual, and would have probably been a reasonably high pick in limited, but as it is, it's just a little bit 'meh'... certainly not constructed-viable I don't think, but that's not the role this card was designed to fill.