I think it messes with everything that has linked abilities which exile cards as part of their mechanics because the replacement is not the linked ability. So, for example, if it's in play, it should turn Tibalt's Trickery into a hard counter that exiles a bunch of cards from the top of the caster's library or turn flicker effects into hard removal.
There are definitely "replace with the same but more" effects like Blood Scrivener.
It would affect some cards that see play:
Dauthi Voidwalker
Currency Converter
Yorion, Sky Nomad
Charming Prince
Flickerwisp
Chrome Mox
Opposition Agent
Oblivion Ring effects
There would be other exceptions as well. Cards templated like Currency Converter, for example:
{T}: Put a card exiled with Currency Converter into your graveyard. If it’s a land card, create a Treasure token. If it’s a nonland card, create a 2/2 black Rogue creature token.
Obsidian Mirror would be doing the exiling, not Currency Converter.
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