Commandeer-->Misdirection--->Ancestral Recall

[Cyberpunker]

Commandeer:

Gain control of Target noncreature spell. You may choose new targets for it

Misdirection:

Change the target of target spell with a single target

Ancestral Recall:

Target Player Draws 3 cards.

So I Misdirect my opponent's Ancestral Recall. He Commandeers my Misdirection. What does he do with it now? Can he misdirect my Misdirection or something? Or do I get to draw 3 cards still? Misdirection says to Change a target, so he has to change it right? And since Ancestral is targetting him now, he has to change it to me right? Or am I missing something?

[RichardD]

It seems like you opponent has made a misplay indeed.
He should've played the commandeer after the misdirection has resolved, targetting the Ancestral Recall. Because unlike Misdirection, with Commandeer you can't announce the new target of the influenced spell until it has resolved and you have control of the spell.

From the FAQ:
* After Commandeer resolves, you control the targeted spell. Any instance of "you" in that spell's text now refers to you, "an opponent" refers to one of your opponents, and so on. The change of control happens before new targets are chosen, so any targeting restrictions such as "target opponent" or "target creature you control" are now made in reference to you, not the spell's original controller. You may either change those targets to be legal in reference to you, or, if those are the spell's only targets, the spell will be countered on resolution for having illegal targets. When the spell resolves, any illegal targets are unaffected by it and you make all decisions the spell's effect calls for.

[Cyberpunker]

Nice, will remember this in the next tourney.

[Harlequin]

It seems like you opponent has made a misplay indeed.

Not nessisarily.  Your opponent can still use Commandeer to pull the MisD off the Recall.  Commandeer does two things before the spell is finished resolving and goes into the graveyard:
1 - Gain control of Target noncreature spell.
So you gain control of a spell, and for the moment that spell is still targeting its original target.  Perhapse Illegally (for example if you were commandeering duress it would for a moment be an illegal target because You would be controling a duress that targeted yourself.  But before Commandeer is finished resolving we have to do the 2nd thing...
2 - You may choose new targets for it.
At this step you now can reassign the target(s) of that spell in thier "new veiw of the world" ie. with you as the controler.  Note that this is a May ablity, so you can have Comandeer "fizzle" a duress if you wanted to (by gaining control, then choosing to Not chane the target, then duress will fail to resolve because it will try to resolve while targeting its controler, spesifically an illegal target).

So in your example At this step, commandeer and is still a legal target for Misdirrect.  So the owner of Commandeer can have Misdirrect target "upward" in the stack and target Commandeer.  Now Commandeer has done its business and goes to the graveyard.  Then Misdirrect fails to resolve because its target (commandeer) is gone.  Now Ancestral resolves un-molested.

However your opponent can totally screw this up by choosing not to reassign the target of misdirrect. 

Misdirection says to Change a target, so he has to change it right? And since Ancestral is targetting him now, he has to change it to me right? Or am I missing something?

Yes so your opponent can misplay if he chooses not to reassign the Misdirrect.  Dispite the fact that he now controls both the Recall and the Misdirrect he can't avoid that Misdirrect HAS TO change the target so in this case "his" misdirrect would resolve targeting his recall, and he would have to change the target to you.

Also as RichardD described, the opponent could aslo let Misdirrect resolve and then Commandeer it back.  That works too.

[RichardD]

Indeed I forgot to mention that Commandeer hadn't left the stack yet when you have to chose to change the target for the spell you've just gained control of, therefore it is still a legal target for that spell.