I know I've been gone for a while, but I'm finally back at home and settled, so I'm going to back into the swing of things again.
This card is several levels of awesome. First, it's Instant-speed card draw, which is always great. Second, it's in blue, which is the colour that can use card draw most effectively. Finally, it can be free (essentially). One of the best scenarios you can use this card with is with things with Landfall (let's say it's a Hedron Crab) and draw effects (Jace's Erasure). At the end of your opponent's turn, you bounce 2 Islands to your hand to draw 2 cards and force them to mill 4 cards. Then, at the beginning of your turn, you draw another card which mills your opponent for 2. Finally, you play your Island, triggering Hedron Crab's mill ability, meaning your opponent has milled 9 cards over the course of a half turn. Now, that's just one combo that this card works with and there are many more out there and I can't possibly mention them all here. It would be amiss of me to forget to mention that this card does leave you a little lacking in the mana department since it sets you back 2 lands, but in the late game this shouldn't matter too much. However, this does allow you to return tapped lands, lands that you may have just used to counter an opponent's spell
Pros: Medium-sized card draw, potentially free, Instant-speed
Cons: Sets you back 2 lands if you pay its alternate cost