Okay, obvious stuff first: It's Abrupt Decay plus Path to Exile but with twists upon twists. No mana cost restriction. No permanent type restriction. The land comes into play untapped. It can be countered.
So, this is powerful. It is going to be an expensive card. (I will pull a total of zero in my prerelease weekend tournaments.) If there is a Turbo Fog deck in Standard it will need main deck counterspells and more of them. (The deck won't be there.)
But it also “ramps” your opponent. This is important.
Standard? Shock Lands and Check Lands means basic lands will be at a low in many decks. This makes mana bases dangerous. But Standard has to rely a lot on what comes with the rest of Guilds of Ravnica. Best to wait thinking here.
Modern? Depends on your deck, of course, but even though this is nasty for Bloodbraid Elf to cascade into, but other than possibly taking someone off of a color, it could possibly be not that bad. I’m keeping a Plains in Mardu Pyromancer, for sure. But does Jund want to be thinning my deck of lands? Time will tell. Blood Moon seems better, though. Both Liliana of the Veil and Liliana, the Last Hope and Tamogoyf get a knock down. Maybe they'll see reasonable price decreases? No, they won’t.
Legacy? Dangerous for decks like Canadian Threshold that run no basics. Not great against UW control and questionable against Grixis Control. The card may help in getting a BUG Delver deck into a stronger position. Probably not, but again, Legacy is still shaking things out.
Limited? Not “great” but definitely not something you're going to mind pulling to get rid of your opponent's bomb, but you're going to need your own bomb.
Right now I’m thinking I like Dire Fleet Daredevil a lot more in a midrange Grixis deck with Bolas. But we have a lot of spoilers left to see, but it's obvious that this card is going to change things.