Because I am a flaming nerd, I decided to try my hoof at making a Midnight Sparkle myself.
 

 
Basically instead of an obscenely overpowered monstrosity she is now a strategic use card. Her +1 summons a Rift token on your side, which does nothing. Her -1 destroys something, but also leaves a Rift in its place. At Midnight’s command (her ulti, which is cheap because it could potentially benefit the opponent too), things from other dimensions pour into the Rifts, under their owners’ control.
 
In other words, if you use Midnight too much to gib the opponent’s creatures with her -1, you might get a bad surprise if you try to pull off her “ultimate”, since the number of Rifts on the two sides will be similar and you might get unlucky. To make the most of her ulti you need to balance +1 and -1, only gibbing the opponent’s stuff when really necessary. Or you could forgo the ultimate entirely and use her as a destroyer of things with a 1 turn cooldown… but where’s the fun in that?

Is it just me or are my comments not going through

@FanOfMostEverything  

@Scrounge  
In this context, it stands for converted mana cost. (The card in the image, for example, has a CMC of 3… Dang it.)

@dsagent  
CMC? What do the Crusaders have to do with this?

Badly designed card.
 
For starters I think twilight is black and blue. It would make it 3 Black and 2 Blue mana CMC

@FanOfMostEverything  
Woah…I see a backup plan for a Storm deck right there. Or an infinite mana combo to exile my everything.

@Background Pony #44A4  
Well, if we’re doing that, I may as well offer my take:
 
Twilight, Thaumologist 1U  
Legendary Creature — Human Wizard  
Whenever a player casts a spell, put a study counter on Twilight, Thaumologist.  
1UU: Counter target spell that targets Twilight. Put a study counter on Twilight.  
U: If there twelve or more study counters on Twilight, remove all of them and transform it.  
1/1  
(flip)  
Midnight Sparkle, Planeripper  
(UBR) Legendary Creature — Demon  
Alicorn (This creature is a Pony Pegasus Unicorn.)  
Flying, hexproof  
At the beginning of your draw step, draw an additional card.  
3BR, Discard a card: Exile target nonenchantment permanent.  
6/6

I find the fact that whoever made this doesn’t even understand how the cards work rather confusing. Not to mention how stupidly OP that ultimate is if we assume it should be worded “cast 3 spells from your library without paying their mana cost”. That’s literally game ending in the proper deck, and all on something that’s entirely possible to drop turn 1. Storm would get reprinted before something that ridiculous would ever get made.
 
Plus, you know, it’s downright criminal for her to not have blue in her color.

I had the incredible urge to type my own abilities because y’know, why not.  
[Twilight, Dark Ascended]  
1UBR  
+1: Discard a card, then draw two cards.  
-2: Target player discards two cards and loses 3 life.  
-7: Each opponent discards their hand and sacrifices all creatures they control. For each card put into the graveyard this way, you may draw a card.  
Starting Loyalty:[4]

@aoqazu  
Also, to finish up, the loyalty costs are fine on the first 2, assuming using my ideas for them, though +1 would be better on the first for balance reasons. The ultimate? Probably should cost 6-ish.

As a former player, I’d say the first ability should be draw a card and lose 1 life. The 2nd? Yeah, more White, but just add “You may play this ability during combat at any time you could play an instant.” and it’s doable. The third? I’m not 100% sure what is going on there. Pull 3 Enchantments? That’s not Black, that’s White or Green. 3 Creatures may work, but still odd wording to be that. Instants and Sorceries don’t go into play. And Artifacts would also be strange for a Black card to be doing.

The first ability is blue, the second is white (and, as has has been noted, doesn’t work as a loyalty ability,) and the third… Well, there are interpretations that could work, but they’re probably not what this person was going for, and depending on what those interpretations are, it’s either blue, white, or possibly green. And, of course, the loyalty costs are just horrendous.

@Charcolt  
The rules straight up wouldn’t allow the second ability, since the card doesn’t say anything about activating abilities at any time. If you had Teferi’s emblem out, however…  
…In any case, that kinda ability is white, not black. The first ability is also closer to a red/blue ability. As for the ult? Yep, busted.

@Crows  

 
not just the third ability (which is just insanely broken, especially given the loyalty costs and starting loyalty counters), but the second ability as well, since Planeswalker abilities are at sorcery speed.

Is there some random new mechanic… or is the 3rd ability impossible?

So many things here are wrong…