Mark Rosewater has been talking on his Tumblr about how red could be getting more effects from other colors, thought "temporary," in order to expand its color pie. I'm looking to use this in Anydria to let red do a few blue things. This is a temporary Counterspell, and I currently think it's a better option than Resync.
Similarly, Chronoflare is a temporary Divination and Fleeting Mirage is a temporary Clone. Both of those have precedents, in Chandra, Pyromaster and Heat Shimmer, respectively. This has less precedent. It's a bit like a red Remand without the card draw, but something tells me it doesn't belong at a lower rarity.

Oh yes, this seems like a very good use of red doing things temporarily. Normally other-colour counterspells are a stretch, but I think this makes sense.

White has played in the "nearly-counterpsell" space too, but I think there's a clear difference and this makes sense in red.

I'm not sure if it needs double-red or not. Blue counterspells always do, so it makes sense to be careful in a first design. But this isn't a hard counter, so I don't know if there's any harm in letting people splash it or not.

I think it might be better without "without paying its mana cost". I see why that's there, but I don't think it makes that much difference. I'd go for "Exile target spell. Return it to its owner's hand at the beginning of their next upkeep," although I may have missed some problems with that.

To me the problem with that was that it made this better than Remand except for the card draw... Though I'm pretty sure the card draw is what makes Remand so good, coupled with making them pay for the card. I don't know, though. I'm not a developer or a highly competitive Magic player.

I think this is better. This is pretty cool.

Thanks. Partial credit goes to Jack V for the current wording, of course.