I think the third ability is a very key part of the card actually. Let's say the card was just this, as you suggest (which is how I originally conceived it):
Embers of Remembrance

Sorcery
Return target Red card with converted mana cost X from your graveyard to your hand.
Embers of Remembrance deals X damage to target creature or player.
There is an obvious power level problem with this. With one of these in the yard and one in your hand, it effectively becomes a sorcery speed Searing Touch with buyback for

, because this card's converted mana cost is 1. Seems too good, especially with what else the card does for you by providing red some card advantage. So the solution is to have it remove itself. But, that got me to thinking that I didn't want to remove the Searing Touch aspect of it entirely. I did this by adding a pseudo-kicker to the removal clause. Sorcery speed Searing Touch w/buyback for

is much more fair, and still rather good actually. You can cycle between 2 of them for 4 a turn to wear down your opponent, and then break the loop by using it on a larger burn spell to finish them off.