This is very similar to a one use mindgate, but the one crucial difference is that mindgate doesn't change what your opponent will draw, but this takes their top card away. This can help deck somebody, for instance. Imagine that guy who is sitting on photon/eternity with no deck left, and you wormhole the photon off their deck
This isn't a super powerful card or anything, but it's good enough that it would see some use, at least in rainbow, I think. Since the draw is delayed one turn, I think the card could stand to cost 1
less in both versions. If you drew the card immediately after playing wormhole, I think I'd leave the cost as is.
Also, there was debate about wyrmhole vs wormhole. Wormhole is the correct spelling. Wyrm is correct only when referring to dragons, like the Wyrm card in Air; in all other cases, worm is correct.