I love Counterspell! I've played it for years! But I've been watching it pretty closely, too. I believe I've started two or three threads on subjects related to "Is Counterspell Too Good?" I believe it IS overpowered, and removing it from the evironment would be a Good Thing(tm).
Every color has had its time in the sun. Every color has had its day of weakness. Red was nothing in UBC. Black can't fight to save its life in the modern Type 2. Green sucks, now and forever, as Wakefield would have said in his day. White was the abandoned stepchild of IBC.
But there has never been a format in which Blue has been bad. That's because Blue has the two best "themes" in the game - Counters and card drawing. Card drawing is much like discard, except its not useless if your opponent has an empty hand. In fact, it's almost directly superior to blind discard (i.e., not Duress). Countering is just unbelievable. Any spell, short a few "Can't be countered" spells, shut down for UU. Red and Black can shut down any CREATURE for RB. UU takes out any SPELL, including creatures. Wow.
Counterspell is TOO GOOD, IMHO. Will it go away? Not very soon. WotC needs a REALLY good excuse to take it away. Dark Ritual was bad, but they had a broken deck they could blame for that. Can't blame Counterspell for being a key part of a broken deck right now.
I hope it rotates out. We need to see cheap counters, but they need to be conditional. Mana Leak should return.