I have some doubts that beaning planeswalkers, instant speed, and dodging Chalice of the Void for X = 1 compensate for costing 2 mana, but if Prismatic Ending continues to be so ungodly popular in Modern despite not hitting enough...I guess there might be room for a 5th Ending anyway.
The usual problem with these Generous Gift effects is that the replacement has more utility than expected, usually a creature that can still swing in. That Clue is never getting sacrificed for a card unless the opponent is desperate (or a control deck at the end of your turn), and if they are, your opponent is now 2 mana behind. Nice to see Wizards finally solving that issue.
I've seen a lot of people describe this as an almost Dec-in-Stone, but it's really not the same at all. The only similarity is the clue token. Dec is more in the vein of an echo spell: i.e. Echoing Truth or Legion's End. This is instant and hits both creatures and planeswalkers, its more like Swift End or Hero's Downfall with investigate tacked on. The clue token saves you a mana vs both of these cards, and I think its going to be super powerful in the right meta/deck.
Playing since 1994: Currently MAGS (HomeBrew), Pioneer, Pauper and Modern
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The more I think about Fateful Absence, the less I think it's Eternal-playable. Pioneer might consider it (I don't keep track of Pioneer, though), but Fateful Absence has stiff competition in Modern and higher with Solitude. Solitude makes you lose a decent card in hand (a white one) in order to cast it for cheap instead of making your opponent essentially gain a meh to bad card, but Solitude is free mana-wise while Fateful Absence costs 2 mana. In Modern, you can also realistically hardcast Solitude and get a creature, so you can then attack planeswalkers with it. Legacy has harsher mana denial than Modern, so Fateful Absence needing 2 mana can sting even more. (Yes, Solitude makes them gain life, but you might be shocked how little that often matters, even if Solitude is Evoked.)