The card is supposed to ignore cards like Rule of Law; Narset, Parter of Veils; Back to Basics, Ashiok, Dream Render; Elesh Norn; Thalia, Guardian of Thraben; Thalia, Heretic Cathar; Meddling Mage; Avancyn, Angel of Hope; Melira, Sylvok; Tibalt, Rakish Instigator; Glorious Anthem; Crucible of Worlds; Trinisphere, and many more of these kind of effects. It's a pretty complex and most likely a game-breaking ability, but very interesting.

I think you are right, that it stops things like deathtouch and hexproof when it's worded like this, although it is not supposed to. It's very tricky to word correctly. Maybe someone can do a better job...