Discard 2 cards from your hand. Negate the activation of a Spell Card and destroy it. Also, look at your opponent's hand and Deck and if you find any Spell Cards of the same name as the destroyed Spell Card, send all of them to the Graveyard.
I welcome anyone to waste 3 cards to destroy 1 single card. That additional copies of EC also go to the grave doesn't bother me: for all I know they were all the way at the bottom of my deck. And any additional Enemy Controller already face-down on the field is safe.
Basically, I see Spell Vanishing as turning my Enemy Controller in "send 2 cards from your deck to the graveyard to destroy 1 S/T card and 2 cards in your opponent's hand". That's a better effect than Enemy Controller!