How is this balanced or fun in any slightest sense of the word? Elvish Insight Unless your running elves or insane amounts of block it allows your opponent to perfectly plan around your moves. Or if it does block they still get a free card draw while your down a block. It's basically a free cheat code that only your opponent can use. Really hope the developers see this message and either nerf or substitute it like with what happened with wall of stone.
You forget two factors: Token cost and opportunity cost. If your opponent is using Elvish Insight, that means they are not only spending a token on using that card (there are no tokenless Elvish Insight items), but they are also skipping out on the cycling provided by tokenless double trait Elf Skills such as Cautious Mobility. It's not a "free cheat code" by any means. Cards should not be seen in a vacuum, if you look at the items Elvish Insight is on you will see that none of these items are close to being overpowered and they all face stiff competition from tokenless Elf Skills, nerfing Elvish Insight would remove interesting deckbuilding options from an item slot that already is dominated by some incredibly efficient low-cost items.
Actually, since Elvish Insight draws a card, it is as good as a trait for cycling. It's a very, very good card. That said, it's been around for a while, and elves continue to go in and out of style... which tells you something about how powerful other races are as well (for example, Elvish Insight might be an incredible one-off, but Vanguard - which I can get two of w/o a token, has a lower value, but can apply it's effect many many times over two rounds - and an extra 4hp to boot).
Elvish insight is a formidable card. (but don't be complaining about un-fun to play against when you just blesscano'd me )
