Pointed Discussion

I like the card a lot, and in slow multiplayer formats it can generate quite some card advantage, maybe returning 4 or even more cards to your hand. Still situational, and I might prefer oversold cemetary. To be effective, both need a bunch of creatures in your graveyard. But cemetary costs less, doesn't require many cards to be played this turn and can return more cards than this over time.

Instant + Storm + Decent effect not often seen as an Instant = Good

Hooray for instants with storm! Your opponents will do the spellwork for you.

Faerie tauntings says "Hi"

Maybe use this with Blood Pet,Wild Cantor, and Glimpse of Nature if you want to maximize storm.

Even without that, it's still very useful bring back 2 or more creatures to your hand with this.

Strictly better than Morbid Plunder.

Not strictly better than Morbid Plunder, if this is the only spell cast on a turn, you only return one creature card. However, Reaping the Graves has the advantage of less colour restriction {2}{B} instead of {1}{B}{B} and more importantly, being an instant.

Not as game-changing as other storm cards, particularly Grapeshot and Brain Freeze

I'd combo this with Heartless Summoning, not only it reduces the cost of the creature, it also kills them for you to revive them again, to reuse their abilities. (i.e., Mulldrifter, Shriekmaw.