So, what are we missing here
Any one-shot effects that are waiting "until [this] leaves the battlefield," such as that of Banishing Light, won't happen when a permanent phases out
This is a commander that enables several popular strategies whether its Superfriends, where you pack your deck full of planeswalkers and proliferate their loyalty counters, or infect, where you hit your opponents for infect damage once and proliferate their infect counters
We wanted the back to be a mage-ring artifact, and we wanted it to be an uncommon blue card
While I'm sure you can picture some magical string of cards that could allow you to take control over your opponent's most powerful creature and turn it against them, there is no reality in which it would be worth the trouble
You don't choose the new target for the spell or ability targeted with Untimely Malfunction's second mode until Untimely Malfunction resolves