Yikes. It casts Peel from Reality? Every turn? Without card disadvantage? At just a cost of ETBT?

I fear this will be far too good. Repeatable effects on lands are just so low-cost to include in a deck. At worst, this can keep a scary beatstick neutralised at the cost of recasting your own cheapish guy. At best, well... Ornithopter makes this an Unsummon every turn, without having to match up Isochron Scepter with the instant of choice. Or use it on Sea Gate Oracle, Aether Adept (!), Augury Owl, Cloud of Faeries, Spellstutter Sprite, or heaven forbid, Snapcaster Mage (!!)

Modified it to returning the land itself

That makes somewhat more sense. With ETBT... you actually can still use it every turn, but only if you do it at sorcery speed and never play another land. Along with the effective 4 mana cost that means the control player doing that isn't really going to be able to be developing their own board the way the would-be-aggro player is, so it's plausibly okay.

Still potentially very nasty in combination with countermagic, and provides a great boost to a control deck late-game once they've got to about 8 mana. Would certainly be played in tournaments, and would need careful testing to see if it's horribly unfun. But it's plausible it might merely be very powerful now.

Personally, I think this might be better than Capsize (though, I admit, only for creatures) without taking into consideration that it can be used as a land. I'd be careful with this one. Broken repeatable bounce is the holy grail of the blue mage. Maybe it's fair. I don't know. I'd just be cautious.

Yeah this was the one that worried me the most. When I posted the original I knew it was way too good but I had a bit of creators block so I put it up for feedback.
This version costs more and, as Alex says, it limits your own development.
I was originally going to have it be return this and target creature but that WOULD have been too good. As it is currently I feel that it will be a strong late game card for blue mages but that it does have its answers.
Will have to keep an eye on it.

Made a small change to activation cost from to so its less splashable.

Welll... it's slightly nastier than that, as it's still available at instant speed; but needs to be re-armed at sorcery-speed-ish. I'd say "Doesn't seem too horrible" but dropping a second one of these would be a HUGE denial.

Yes, two of these let you have it available at instant speed every turn. At that point, giving up your land drops is probably worth it to get a 4-mana Capsize for creatures.

For comparison, note that Desolate Lighthouse charges you 4 mana (counting itself), in two colours, for the most basic looting ability that's not even card advantage. And nobody would play a spell that said "Draw a card, then discard a card", whereas Unsummon variants like Vapor Snag are still played in tournaments. That just goes to demonstrate how much higher the costs are of being repeatable and effectively free to include in a deck (going on a land rather than in a spell slot).

maybe make it at sorcery speed?

That only means that haste creatures get to bypass it; which isn't usually very many creatures.

Not to mention that Desolate Lighthouse can only add colourless, while this gives you

I already assume this is sorcery speed, since most times you'd probably activate the ability on your turn, then replay the land. That being the case, it probably isn't worth it to give it that restriction.

I guess the only real test for the card is to just take out four non-basics in a normal control deck, replace it with this guy and see what happens. Ideally, you want to replace Moorland Haunt, which is at the top end of the power curve for non-basics. If it's better than Moorland Haunt, it's probably too good.

CH: I was treating that as more or less balancing out the way this ETBTs. The two standard drawbacks on utility lands are either they only tap for colourless, or they ETBT. Both together is very rare, reserved for especially strong effects like the card-advantage Krosan Verge or the free combat pump from Cathedral of War.

OK going by how good I remember Capsize to be - loved that card, I have boosted cost to so its effectively 5 mana to use, still good but a bit slower to get more than 1 going.
Tested this with some friends and in Blue control it was quite strong at , at it was still good but not overpowered.