Text (ET+errata): 4/4, Haste. ; ~this~ enters the battlefield with two -1/-1 counters on it unless you've cast another red spell this turn. [Oracle 2009/07/08]
It checks at the time it would come into play if you played a red spell other than itself. [Eventide FAQ 2008/07/08]
It still checks even if this card it put into play by a means other than playing it as a spell. [Eventide FAQ 2008/07/08]