This card's not to good but not too bad as well. If you want to lock down your opponent to only drawing the same card(s) that keep ending up in their graveyard, like any of the spellbombs (particularly the older spellbombs), it's not that bad. It's best if used right after a Ponder or any other deck manipulation because it screws with your opponent's plans.
The issue with it is that it only works if your opponent has cards in their graveyard that they don't really want, and their aren't many cards that people don't want back. Even cycled cards or spellbombs are usually things people want because it draws them cards. Really, only situations like Harrow when they have no lands in their library or putting a creature from their graveyard that they were planning on reviving on their library will result in no backfires. Also, you can't target yourself with this card, so its uses are quite limited.
Pros: Screws up opponents draw schemes, makes them draw not-to-useful cards
Cons: Really limited uses, good chance of backfiring