
I think this is a good card and might be Modern playable. Each mode other than the last is always a 1-for-1, and the last is likely trading for a card when you cast it. That makes this card almost always a 2-for-1 and it's flexible enough to see a main deck slot or two in decks like Jund or Grixis Delver. I can't think of many matchups where it's dead.
I don't know how good it might be in Standard, though.