More than just a "strictly better" Careful Study, Faithless Looting from the Dark Ascension expansion is all kinds of interesting for all the self-proclaimed Johnnys of the world:
I love graveyard decks.
For anyone who's skimmed through all of my decklists will know that this is no secret. Whether it be reanimation, flashback, card advantage, or simply cards that are powered by the types of cards in your graveyard, graveyard manipulation is one of the easiest way to view deck construction in a new light.
The bottom line is that Faithless Looting didn't even need to have flashback on it for it to be incredible. It could have just been a red Careful Study and it would already have been the card I wish I had for a few of my decks of the past -- sometimes you don't want to include blue in your deck. I would even go as so far to say that reliable card drawing and graveyard manipulation is the primary reason why I don't have many decks that are are straight up Red/White or Red/Green. Those color combinations have always been just too boring for my tastes. Those two color combinations in particular are great at high aggro and not much else.
Johnny/Spike deck builders of the world rejoice!
The day Dark Ascension is released marks a new deck in Red/White and Red/Green casual (and competitive) builds.