Although this is not as powerful as the Legacy staple counterspell, a slightly nerfed version of Force of Will can still wreck havoc in the Modern format.
Even the mana base makes it very much castable for what it is in case you really need to counter an opponent's spell during your turn, unlike Force of Will that costs whole five mana.
On top of that, Force of Negation exiles countered spells, which is perfect against graveyard-based decks.
This is a fantastic card that will never lose its value. Be sure to include it in your blue decks, because everyone else will.