Ooh, I like the idea. Except right now, it targets almost all permanents, and about half of sorceries, so it's almost like a general counterspell with a weakness, I might find it more interesting if it was narrower.

Any narrower and it becomes a downgraded version of Negate and/or Essence Scatter rather than a slightly narrower Cancel to allow for shaving of .

It would likely also loose the clear reference to making a targeted spell "fizzle" by removing its target(s).