It doesn't abuse fetchlands any more than CoW. It abuses Strip/Waste and also provideds you with the ability to play TWO lands each turn.
Well, it does abuse fetchlands more than CoW, because as you say, you can effectively play 2 lands per turn. I don't understand how allowing people to abuse fetches and/or strips in this fashion is desirable. Also, this card seems terrible with anything besides abusing lands that sacrifice themselves. So it's either abusive or terrible.
I also don't understand how making it nonbasics adds to the flavor. A "Polluted Delta" or a "Strip Mine" might be my homeland, but a "Forest" can't?
I always assumed that in Magic, a "forest" was one of many forests in the universe. I feel like a "Strip Mine" is much more particular than a "forest", because there aren't as many.
It can abuse any land that gets killed that has a good effect. Also, if you say open with Mox, Sol Ring, Wasteland, Scroll, you've effectively started a lock that cannot be stopped unless you remove the artifact. With CoW, you can remove the land from the grave or the CoW itself. Also, it costs an activation so it ties up mana so that you aren't just freely killing a land each turn.
After turn three, how often are most decks going to play a land each turn?
My other idea was this:
Scroll of the Mother Land 
Artifact
When Scroll of the Mother Land comes into play, search your deck for up to four land cards and remove them from the game facedown and put four memory counters on Scroll of the Mother Land.
At the begining of your upkeep, if there is a memory counter on Scroll of the Mother Land, you lose three life.
,
: Put a land card removed from the game by Scroll of the Mother Land into play. Remove a memory counter from Scroll of the Mother Land.
