A bad "Cancel", a bad instant-speed "Divination" or steal a permanent with CMC 1 or less.
I guess people play this to steal a Marit Lage token, a "Death's Shadow" or the occasional "Goblin Guide"?!?
I don't quite get it.
I doubt there are enough mono-blue Commander decks to warrant the price tag.
The difference between UU and UUU is huge for a counterspell.