I also think the knowledge gained from seeing what your opponent is holding is quite valuable
Its also disgusting in multiples
Don't forget about Swan Song, perhaps the best one-mana counterspell there is
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That means that if you play Frodo, Determined Hero when Swiftfoot Boots is in play - which grants hexproof and haste - you can attack straight away and it cant be targeted, and the attack will trigger the effect again, allowing you to put another equipment card on the Ring-bearer
Skullclamp, which was originally introduced in 2004s Darksteel set, has been banned in several MTG formats to maintain the games balance