Apologies if I missed a post on this card already, but I couldn't find one and it seems insane that it's not getting some sort of attention.
This card is Impulse for 1 more colorless mana, it even casts at instant speed and the only major drawback they tried to throw in comparatively was the fact that the cards you DON'T take end up in your graveyard rather than the bottom of your library.
Clearly that is not a problem when the entire set has a graveyard subtheme in every single color other than White and to a lesser extend Red (so far). It does great work with Snapcaster Mage as well since whatever you turn down for your hand could potentionally be coming back via the wizard.
But honestly, what better form does this card take than the best enabler outside of a basic Birthing Pod deck for Skaab Ruinator. You can even take the one card you want and discard every creature you didn't want along with the Ruinator putting you only 1 guy in the graveyard shy of casting him by turn 4, or maybe you hit the jackpot and draw Ruinator with 3 other creatures pitched to the graveyard.
I think this card will be a constructed staple for the duration of Innistrad since it would be good either way but a deck that doesn't gain some benefit or reuse of a card in the graveyard will be hard to find, especially in blue with Snapcaster out there.
Also, it works very well with Green in a somewhat odd color pairing since there are already 2 creatures printed that gain power/toughness for creatures in the GY for them and this at instant speed the turn after you play a wurm that is maybe sitting as a 1/1 or 2/2 can get it big fast.
Anyway, just saying that between Snapcaster and Alchemy blue is unquestionably the first color I will begin brewing with upon rotation.