Thanks Scrape. I've adopted it from a common move structure in AW (kind of like Seize by Force), and you can see something similar in Defend. I hear what you're saying about giving the players what they want without compromise, but I think I disagree with you: the structure of the above move will always offer a player the ability to counter a spell on a hit, they just have to pick what they'll give up to do it on a weak hit.
With the new version of Counterspell I suggest (and without the suggested 6+ advance Virtuoso of Spell Disassembly), on a 10+ you can get exactly what the current move allows: you keep your spell, you counter something affecting you, and you don't get weird side effects. It also makes more options available from the start: with the current move it is impossible to counter something that targets other people, meaning that the Wizard can't protect the party until they get the level 6+ advance Protective Counter.
But this new take I presented offers party protection as well. If you are willing to take one for the team, you could counter something effecting other people, suffer no repercussions, and either keep your staked spell or counter any effects on you. Finally, the 6+ advance I suggest offers 1 extra choice, letting you always counter no matter what and maybe get super amazing goodness on a 10+.
Actually, reading up on the current 6+ advance Protective Counter, perhaps the move I suggested is too good. Here's Protective Counter (p.148) for reference:
Protective Counter
Requires: Counterspell
When an ally within sight of you is affected by an arcane spell, you can counter it as if it affected you. If the spell affects multiple allies you must counter for each ally separately.
I don't really see a problem with choosing between yourself and the rest of your party (I think it lends dramatic tension), but if you wanted to have the new version be more like the old version, you could replace the option "-You counter the effects of the incoming spell on your friends" with "-You counter the effects of the incoming spell on one of your friends. You may choose this more than once." That way you might still have to counter multiple times, like with Protective Counter.
Personally, I'm torn over having my players roll more times for something like that. I enjoy players rolling dice and giving me more opportunities for moves, but I don't want to slow things down too much. Also, the basic AW system is so elegant (and occasionally punishing) that I'm inclined to keep dice-rolling to a minimum. Asking the wizard to roll once for each party member (and what about the hirelings?) offers much greater potential for failure. Even spending choices through the move I suggest would still be risky for a moderately sized party. You could argue that there's only one spell being flung, and thus only one counter is needed, but then you lose out on the tension of choosing between protecting yourself and protecting your party members, and the risks associated with losing spells or suffering strange side effects.
What do you think? Should it be more like Protective Counter, or should it be more forgiving? And Scrape, did I answer your concerns about compromise by putting the move in perspective?