Cancel Haste and maybe a small amount of Life Drain
A great great card in a lot of formats, except maybe in limited where you would probably just prefer another blocker. It makes other cards like Ball Lightning or its Boros brother Spark Trooper rather bad. The extort makes it really interesting as most Extort abilities are attached to creatures. Basically, it gives you time to react to the Standard dominating haste creatures in the RB Aggro deck:
all great creatures but somewhat less so when you can actually slow them down enough to drop an Oblivion Ring or Detention Sphere on them. I honestly believe there is very little missing for an Standard Enchantress-style deck right now. That thing would be something akin to Argothian Enchantress or Enchantress’s Presence.
Ah! my lovelies!
Perhaps the greater application is in the said Enchantress deck in Legacy. You make slow down Goblins and in some Death and Taxes /Maverick decks you get some free swings in versus insane roadblocks like Progenitus. If you have something like a Meekstone, you can ‘Stasis‘ almost all opposing creatures as well.
The possibilities are pretty nice, especially in the enchantress deck where you can use this in multiples as an alternative win condition instead of Words of War and Sigil of Empty Throne. It gets pretty crazy if you play any kind of enchantment that can bounce itself back to your hand such as:
there are others as well…
Basically, you can redraw every time you cast this off of your enchantresses as well as drain for 1 life with your white mana (multiple white if you have a Serra’s Sanctum in play.)
Whatever your deck ideas, I’m sure this card has a great home in them.