Its monocolor, instant speed, gets you back any previously-milled threat, and has some pretty significant interactions with other powerful spells including the number one self-mill effect on our list 1
Even if Takenuma was a relatively bad mill spell, the fact you can play the first copy over a basic Swamp at almost no penalty to your manabase would get it into tons of lists
Create a token that's a copy of target creature an opponent controls, except it's not legendary and it's a 2/2 Coward in addition to its other types
Rulings 2024-11-08 "Flashback [cost]" means "You may cast this card from your graveyard by paying [cost] rather than paying its mana cost" and "If the flashback cost was paid, exile this card instead of putting it anywhere else any time it would leave the stack." 2024-11-08 A spell cast using flashback will always be exiled afterward, whether it resolves, is countered, or leaves the stack in some other way
Fragment Reality Up to this point, Fragment Reality has been completely dominating the Historic format