I'm thinking this could actually be , since in most cases, it's worse than Cancel.

Or perhaps would be more interesting. In fact, Lapse of Certainty makes me wonder if this needs blue at all.

I'm trying to figure out how this is worse than Cancel. Not counting the fact that this is an enchantment instead of an instant, the first part is a straight up Dissipate. Actually, it's a very minor amount better, since you can change targets in the heat of a counterspell war (it's not going to trigger until it hits the battlefield. By that point, it is too late too counter.)

All this, and you can get another counterspell with a Rescue. Returning an instant from your graveyard costs more.

Edit: Oh! The original owner of the card gets to cast the spell, not you! I missed that. Hmm. I wonder how often that's really going to happen. I still think that, if you're playing blue right, responding to your opponent's Naturalize with a Boomerang, then recasting this is definitely possible... but I got to admit that I'm not sure what mana cost is any more...

It's meant to be an Oblivion Ring for spells, if that's not obvious. The fact that it can "counter" spells that can't normally be countered, as can Mindbreak Trap, makes it better than Cancel, but the fact that it's just a temporary stay on those spells made it seem worse overall.

This is an awesome card. I loved Jack V's version of it, Heaven's Light; this is more restricted, but still just as appealing. I don't think it needs to be rare though.

I'm glad you said that, because I was wondering if, as a parallel to Oblivion Ring (which is now at uncommon) this could be uncommon.