Text (UD+errata): Exile target nontoken permanent, then return it to the battlefield under its owner's control. [Oracle 2009/07/08]
This spell effectively "resets" the permanent to being just like it was freshly cast. All counters, Auras, effects, and so on are removed when it leaves the game. Then it comes back into play fresh. [Urza's Destiny FAQ 1999/05/25]
It will trigger "comes into play" abilities and "leaves play" abilities. [Urza's Destiny FAQ 1999/05/25] Note that the card does not go to the graveyard, so it will not trigger "goes to the graveyard" abilities. [DeLaney 1999/06/08]
If used on an Aura, the player who played Flicker can choose a new location for the Aura. [bethmo 1999/06/08]
This could be used to make the target of another spell or ability illegal if this wasn't a Sorcery (which makes it really hard to do that). This is because the Flickered permanent leaves play and then returns as a completely different permanent, and the targeted spell will not recognize it. [D'Angelo 1999/06/18]
