Instant, 1W (2) Remove target creature you control from the game, then return it to play under its owner's control. Flashback {3}{U} (You may play this card from your graveyard for its flashback cost. Then remove it from the game.)1
Illus. Anthony S. Waters
This spell effectively "resets" the permanent to being just like it was freshly cast. All counters, local enchantments, effects, and so on are removed when it leaves the game. Then it comes back into play fresh. [Time Spiral FAQ 2006/08/30]
It will trigger "comes into play" abilities and "leaves play" abilities. [Time Spiral FAQ 2006/08/30]