You're right wizard, here's the full version:
Time Elemental 2U
Summon elemental 0/2
2UU T:Return target non-enchanted permanent to owners hand.
If time elemental attacks or blocks bury it and take 5 damage.
I think that's right. And might I add that in its original set it was an excellent card, it just got edged out.
As for the cards here's my take:
Squee: Squee is, was, and always will be one of the best characters Wotc has come up with. Making him into a card, especially one with an ability that reflects his personality was cool. He can also be found on call of the wild and redwood treefolk.
Ball lightning: Fast, furious, 6 damage for 3 mana is very good, like three shocks rolled into one card. The fact that it's a creature is a drawback, (it can be killed before damage is dealt) and an advantage, (bring it back with shallow grave, corpse dance, etc.)
Rootwater thief: Okay, this'll just kill any combo deck if brought out early, basically a one card cap for three mana, (grant it flying, pay for ability) that has potential to be re-used. Jesters cap was bad enough, now you can search and destroy virtually limitlessly.
Powder keg: Specific yet massive removal, especially early in the game. Also almost gauranteed card advantage. Has anyone else noticed that the counterplacement is optional? The fact that it is an untargeted, damageless, colorless source doesn't hurt.
Phyrexian negator: First turn beatdown is great, expecially for black as the drawback can be 'negated' by any of a number of sacrifice cards, especially parallax dementia.
Rhox: You now have x turns to kill me, where x is equal to your life total divided by 5. This guy'll only be stopped by direct removal as featured in black or white. Admittedly other colors can handle him, but it's much tougher.
Reflecting pools + city of brass: Any land that provides mana of any sort is useful, since it gives the flexibility of at least one other color in your deck with no sacrifice to your primary color.