If Hippie were printed in Standard... I have some points I'd like to put forward.
First, REGARDLESS of the amount of removal available, Hippie is a 2/2 flier for 3 mana. That's under the present mana curve of 4-cc 2/2 fliers.
Second, Hippie also forces a RANDOM discard if it hits an opponent. That's really good in an environment where the opponent usually gets to select the discarded card.
In other words, the Hypnotic Specter would still be a good creature, regardless of how vulnerable he is to removal. Hippie got played in an environment with Force of Will, Lightning Bolt and Swords to Plowshares. People STILL Ritualled him out the first turn if it was possible.
Why?
Because IF your opponent wasn't able to deal with him, then it hurt. A lot. Yes, you can get rid of the Specter. If you couldn't, it could very well win the game.
Case in point: I played my old-school discard deck against T2 mono-black control. It had Chainer's Edict and Innocent Blood and Mutilate. I still won. The games I won most easily were the ones with an uncontrolled first-turn Specter.
In conclusion, I'd be GLAD to have Hypnotic Specter back. Gimme, gimme. He's good with or without the Ritual. Look at how much removal he attracts.
