Yes, you get to draw your dream hand. It also costs 5, meaning you'll need that dream hand just to cast Parallel Thoughts. Plus the fact that, if you're drawing 7 cards at once, they're trying to go off, meaning your "dream hand" will be wonderful to look at while you die.
Best case scenario, it could serve as a mono-blue solution to combo (go find 7 counterspells), but even then, it's worse than, say, Stifle.
I was thinking more of using it in a Combo build and Bargain costs 6 while Gifts cost 4 so 5 doesn't seem that bad to me. All draw 7s aside from Wheel of Fortune and Timetwister cost more than 3 as well.