We discuss about CC in overall because when we compare RT with other spells for 1 :quantum then this card is balanced. But I admit that mechanism of all cards like Lighting, BB, Rewind is OP.
In my opinion people see how OP these spells are only in Rewind, because they think that they must pay twice for the same card. They didn't see that Lighting/BB didn't give any chance to survive for 80-90% creatures. It is psychological thing probably, because Player didn't see that it is much better to have rewinded creature than destroyed (of course sometimes Rewind is annyoying, for example with Nightmare in Arena).
So Rewind in compare with Lighting, BB, QS etc. is balanced.
But (in my opinion) all spells which destroy opponent creatures/permaments/pillars/quantum and cost 1-3 are too powerful. Rewind shows You that it isn't fair when You put big creature and opponent can easily rewind it. Especially Dragons should survive all CC which are used once.