This card was spoiled at the beginning of the season and no one ever spoke about it and I just went back an reread it. First time I saw this I read it like it was an Act on Impulse variant, but then I noticed the exile clause takes place at the end of your NEXT turn, which actually makes this much more potent.
The catch here is that you have to do a point of damage to your opponent to get it to be discounted to R, and even then its in effect a draw 2 that is probably not as good as Thoughtcast. But I do wonder if a Bloodmoon deck would want this effect outside of Chandra at all. It plays nice with Ensnaring bridge as well so it seems like it could be a fit.
Vintage does not have a red based rituals list like Modern or Legacy, which is another play I see this card taking shape.