Quote from Smooth CriminalBut there are no blue draw card that can dig deeper than 5 at this manacost range. Being worse than nonexistant card doesn't make a card bad.
Obviously if there was better draw spell, you'd put it in your deck. So, what draw spells are strictly better than augury in Std and Modern at 3-5 mana?
Who is claiming strictly better? I even said this card may have a niche in the metagame. But the card is too risky for most decks. Finding only one out in the top 5 will lose games for you, and it will happen often enough to affect results if your deck cannot turn the downside of the card into an upside.
If we are sticking to UR control decks in standard, Thoughtflare will generally be better for consistently digging for outs, Opportunity will be better as a Sphinx's Revelation look-alike, and Divination might have to be used if earlier drawing is needed. These options are more consistent in their effects, and control thrives on consistency.
Outside of Instants/Sorceries, Jace, Architect of Thought immediately comes to mind.
I will repeat: This card may have a niche in standard because of its minuscule card pool.
I hope you were kidding about modern. While nothing is strictly better, decks that want this card will probably want Gifts Ungiven more, and that is all that really needs to be said there.