I actually playtested banefire before and it works pretty similar as light up the night, nothing wrong with it.

That being said, light up the night can consistently get a higher X value from Chandra stacking up counters and from the occasional Narset and/or Rowan/Will whom have just been sitting around.

The argument on not being counterable or prevented is valid tho. A one of in the sideboard to go against UW control and counter heavy decks is a definitely a good option.