I've been wondering this for some time now, not only with gifts but why not in control slaver. In both decks it fuels yawg wills to be that much better and gets you the cards you need. I suppose it is a bit slow to get going (3 cost mana) however, it can also be abused by cards like tapping academy to play it and getting some extra mana. Also with decks like slaver, you get artifacts in your graveyard. Frantic search also adds storm so you could go off even easier.
So why doesn't anyone choose to run this card in there decks? It's restricted for a reason...

Obviously it is especially broken as a 4 of (with Tolarian Academy/Shops in the format) but...
In Gifts/Slaver, what card could you possibly cut for Frantic Search? It has to compete with Thirst, Gifts, and Brainstorm! And those are unrestricted. As a Singleton, Frantic Search is actually pretty alright, but is has to rub elbows with XTutor/WinCondition/MetaChoices.
In conclusion: If you think Frantic Search will help you in your Gifts/Slaver/PwnNoobs.dec, go for it. Post results and tell us all about it...
Otherwise, as a Singleton, is it better than the 12 cool cards I listed above?
That's all.