Yay! Silence's beta version! This card is actually situationally better than it's newer counterpart. Silence can't stop a Murderous Betrayal or an Iron Star whereas this card can. However, this card doesn't stop the summoning of creatures or the creation of artifacts or enchantments, so it's not that great on an opponent's turn. However, on your turn this card is great since it stops pesky activated abilities. It also replaces itself by drawing you a card, so that's nice too. The weakness of this card is that is doesn't stop permanents, but that's not a very big weakness.
Pros: Prevents non-permanent spells and abilities, self-replacing
Cons: Doesn't prevent permanents