While this one does present the risk of languishing in your hand for some time, you still get three modes that can get you out of trouble, because countering instants will often mean protecting a key creature on your side of the board from a removal spell
The plus is, whenever we cast a spell, we draw a card
However, Id prefer Fishbone Quill over this one
Due to negative feedback, the Reprint Policy was updated in 2010 to narrow that exception, such that any future reprints will not be tournament-legal
This card is already included in various competitive lists throughout the formats, including commander, modern, and standard
As much as I hate it, speed is the name of the game