Instant, 3UU (5) Counter target spell. If an artifact or creature spell is countered this way, put that card into play under your control instead of into its owner's graveyard.1 First the insult, then the injury.
Illus. Richard Kane Ferguson
This spell includes a replacement effect. If the target is an artifact or creature, it never goes to the graveyard. [D'Angelo 1999/05/01]
The card enters play as if just cast and you get to make all necessary decisions from scratch. [Duelist Magazine #17, Page 28]
Any X in the mana cost is zero since it is not actually being cast. [DeLaney 1997/02/02]
The card is put into play, but any effects that check if the original card was "played from your hand" (such as with Cloud of Faeries) will not trigger or otherwise consider the card to have been played from your hand. The card was put into play by the effect of Desertion instead. [bethmo 1999/11/30]
If the spell is not countered (because the spell it targets cannot be countered), then this card's ability does not put the card into play. The card continues to resolve as normal. [D'Angelo 2001/04/20]
Note - In Visions this spell was an Interrupt. All such spells are now of type Instant.