I still don't understand the problems with morph instants or sorceries - in theory they sound strong but its relatively easy to kill them as creatures at inopportune times for their caster (esp sorceries).
The problem is this:
When you flip the morphed instant/sorcery face-up, you have a non-permanent card on the board. There are no rules that govern this scenario (that I know of) but the default action would be to place the card in its owner's graveyard.
Since "morph" is a keyword ability, the morph rules would have to say that they put the card back on the stack as a spell. If they did this for instants/sorceries, they would have to do it for all the other card types, too.
Moving to a slightly different topic...
As it looks now, "morph" will follow the rules for face-down cards, with the exception that flipping them involves paying a cost rather than flipping it for free (as you can with Camouflage and Mask of Illusion) and the face-down cards are 2/2, not 0/1.
So there is no reason to think they would do something as bizarre as non-permanent morph cards.
Shifting topics yet again...
I'm not concerned about Fluctuator. The main power of Fluctuator before was with cycling creature cards in combination with Living Death and of course Dark Ritual.
My guess is that the Cycling costs (if this rumor is true) in
Onslaught would vary. In what ways they might vary is anyone's guess, but don't expect anything too tricky unless some of the cycling cards have abilities either that trigger on being discarded or that function in the graveyard.
My point is that, unless most of the creature cards have "Cycling: 2," Fluctuator won't be too useful with them.