The card seems like it was a leftover from Zendikar/Worldwake, it would have made a lot more sense in a set with landfall. It would make a lot of sense in an aggro landfall deck with U in it, where you can make sure to counter cheaply and supply enough landfall triggers in future turns. Wheter there is a competitive is deck of that type out there is a different question.
Lol, finally they gave us our new 2 CMC counter! Finally blue control players can fight the speed of the aggro meta... but losing tempo, so I think was not the solution we were looking for. But for mid-late game it's a really good counter, I like it, also has sinergies with landfall (if there are any good blue landfall decks XD).
Seems rather weak. As Blutsau pointed out, you really don't want to be set back a turn in control decks. Getting to 4 mana is incredibly important to get to, for example, Jace or Day of Judgement on time. I'ld much rather play Everflowing Chalice on my second turn.
mm, kind of not sure i want to tempo down myself, seeing as how i want to make my land drops in a control deck, but otherwise it might be fine in possibly G/U, with ramp and not having to rely on your lands too much.