On a related note, if you play a bounce spell targetting Erayo, and he triggers before the bounce resolves, is the bounce spell countered because its target is gone? Is an upside down card a different target?
It depends on the bounce spell. An upside down card is the same permanent. As long as its not a 'target creature' bounce spell or a modal spell, you're fine. Most bounce spells are 'target permanent' or 'target non-land permanent' so either you get the bounce.
My question is this:
Erayo is in play unflipped.
I cast a spell, my opponent responds with a spell, I respond to his spell, he responds back. The original spell is still on the stack.
Erayo flips. Since he does not have a triggered ability, does he counter my first spell?