As a player who tends to prefer control, I have played with just about every counterspell known to man. Over the past few expansions, I have noticed a growing trend in blue counterspells versus red direct damage. It seems to me that counter magic is getting more powerful and direct damage is getting weaker.
Let's compare red's staple direct damage spell, Lightning Bolt, to blue's staple counterspell, um Counterspell. They are even on their effectiveness and cost-efficiency.
But whoa, here comes Fifth Edition and out goes Lightning Bolt, but Counterspell remains. Well that is ok, we still have Incinerate.
Now, a few expansions and one core edition later look at the playing field. Dismiss, which is a counterspell ten-fold better, versus Shock, which is a piece of crap. It's amazing how just dropping one point of damage from a spell makes it look so pale compared to its older and wiser cousin. They didn't can Counterspell and then replace it with a watered down version. No, instead I see about a billion counterspells, almost all nearly as good if not better than the original (Mana Drain was a big freaking mistake, but I am talking about newer expansions here).
So I say, bring back the good Lightning Bolt and beef it up. I think adding two colorless to it's casting cost and letting you draw a card is a pretty damn good idea to make direct damage popular (and powerful) again.