If I were to lower my standard of "good" to the level of Dissipate, then perhaps I might be mistaken. Even then it seems unlikely, since this thing has a triple blue requirement, using the Memory Lapse option of the card is almost entirely useless (but not quite) and the other option is worse than Dissipate's ability.
However, I have no need for that, since Dissipate itself isn't really good. Counterspell, Mana Drain, Force of Will, Force Spike, Daze, Mana Leak, Arcane Denial, Rewind, and possibly even Dismiss are all better counters. Well, some of that is certainly debateable, but I never use Dissipate and probably won't be put into a deckbuilding situation where I would have to. Even if I did, and even if it were a 4-of, I would probably still not be considering this new card...