Text (TS+errata): Flashback {3}{U}. ; Exile target creature you control, 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. [Time Spiral FAQ 2006/08/30]
It will trigger "comes into play" abilities and "leaves play" abilities. [Time Spiral FAQ 2006/08/30]
