mental misstep is the best counter to this card obviously. But you can find a trump card to anything. It's a Red spell that costs 1 mana and nets you a card, that seems really good. The closes thing to this is faithless looting, which only give you card selection.
This card opens up all sorts of options for Burn decks in Legacy and Modern. I've never thought Burn was a viable strategy in Vintage, but this card is a step in the right direction. At the very least, I see unpowered players trying Burn at the major events (there are prizes for unpowered decks) and I can see this card showing up in a lot of budget lists.
But it doesn't net you a card, you use 2 and you draw 2. It's great at filtering, as long as it doesn't get countered.