It's relearn/call to mind for 1 less mana plus an exile clause. Its already being compared to a poor snapcaster for other formats, but those formats do not have timewalk and ancestral. This seems very powerful to me in lists that run big power instants, and it has some applications with wheel effects.
Note the key difference here being that that unlike Yawg will or snapcaster, this gets exiled, not the power card you recycle, so you can timewalk or ancestral multiple times.
Price is still steep, so may not ever see play, but seems plausible to me.