Its still S-tier countermagic, basically only beaten by the other S-tier free counterspells
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Brawl Not Legal Vintage Legal Timeless Not Legal Commander Legal Pauper Not Legal Oathbreaker Legal Penny Legal Toolbox Notes and Rules Information for Cleopatra, Exiled Pharaoh: You lose only 2 life when Cleopatras last ability resolves regardless of how many counters the legendary creature that died had on it
Perhaps you want to put an expensive card like Omniscience in the graveyard and then reanimate it early for massive value
Even now, when cards like Basalt Ravager or Elektra, Femme Fatale are printed, the comparison to FTK is undeniable
A good example is the Stormchaser's Talent class, which has a first ability that creates a 1/1 blue Otter with prowess for the low cost of one blue mana