If memory serves me right, the banlist was set by the MTGC rules committee to compliment a multiplayer environment, preferably with 4+ players. With that in mind, I see no reason for Declaration of Naught to be banned.
If it's aimed at a specific general, you'd have hosed only one deck. Minus Akroma, Angel of Fury and the like. If you aim it at a specific card, you may have created 2-3 dead draws in the playgroup but everyone has access to their generals. The effect is too narrow, especially in a highlander format, to make any real impact on the game but specialized enough to prevent degenerate, one trick ponies from ruining everyone's fun.
It's a whole different animal in 1v1, but 1v1 is completely broken as it stands anyway.
If it's aimed at a specific general, you'd have hosed only one deck. Minus Akroma, Angel of Fury and the like. If you aim it at a specific card, you may have created 2-3 dead draws in the playgroup but everyone has access to their generals. The effect is too narrow, especially in a highlander format, to make any real impact on the game but specialized enough to prevent degenerate, one trick ponies from ruining everyone's fun.
It's a whole different animal in 1v1, but 1v1 is completely broken as it stands anyway.
Ruin's Trading Post