Is this better than Steel Sabotage? Against Eldrazi, absolutely. Against Workshops with TKS? Maybe, probably, it's hard to say. The thing about Steel Sab is you can use it to bounce something. After all, you're not always going to have your answer right when something is on the stack. The fact that this is one of the few things that hits Eldrazi and Workshops cards means that this has a good shot at being playable.
I'm not buying the usefulness of this card.
It is of course dead if your opponent has Cavern. In the case where Cavern is least likely, on turn 1 when the opponent rushes the Eldrazi out with artifact acceleration, you don't have the mana to pay for Ceremonius Rejection.
Seems to me just a more limited Steel Sabotage vs Shops, with dubious value vs Eldrazi. If it exiled instead of countered, that would be a different story.
@evouga I still think it's better than Steel Sabotage. I guess bouncing a blightsteel is important, but snagging a Thought Knot is pretty huge. But even if people do use this, it's not going to be a four of type of card. You might have room for one or two in a sideboard, it's hard to say.
Maybe it is worse than I'm thinking... You'd kind of want four because the card is best on turn one, but you also don't want four because you can't possibly hope to trade one for one against Shops (or any deck) for that long. If you're only able to run one, it might get a lot worse. My thinking is that it's pretty sweet on the play early in the game, and there's a window where I'd rather use this than trade two for one with a force.
Anyone who says this is 'probably not good enough for vintage' is clearly mistaken. Not being able to bounce something isn't nearly as big because Blightsteel isn't as big an issue. I'd trade Sabotage's bounce for this card's 'fuck Eldrazi' ANY day.
I'll have 3, if not 4 in my sideboard at Eternal Weekend. May even find one in the maindeck.