I'm a fan. Splashable, unconditional counterspells are generally way too expensive to leave up, so even though you're giving your opponent some cards, (a) they're almost certainly going to get them on your upkeep, so you'll be able to hold up more countermagic in order to prevent them from getting board advantage out of their new cards, and (b) 2 cards isn't as bad as it sounds: most of the time it'll be a land and a live draw, rather than 2 cards they can really use.

Shines in certain decks, and works well against a lot of strategies that rely on high-mana-cost, high impact spells.

IMO:
-great card for limited since it answers almost all bombs; should be reprinted in a draft set
-would be an interesting card to have around for standard, with again many decks relying on ramping to or simply playing game-ending cards.
-would be a fun card in modern as well. While most decks would play mana leak most of the time over this, against tron and combo decks, you don't really care if they dra... (see all)