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When you cast it from exile, it resolves normally
Its also worth noting that during this cards time as a tournament-legal card, it featured in several notable decks of the era such as the Pikachu & Zekrom GX, Malamar, and Quagsire/Naganadel decks due to its utility as a draw engine
About five years ago, those types of cards were much better since cubes were slower, but with many cubes adopting aggressive strategies and getting more efficient removal options, things like the Vindicate test (where you get an effect out of it if the creature dies at sorcery speed, so Consecrated Sphinx passes that test) hamper its effectiveness, but it does protect itself well if you are able to untap with it since you can turn just about any blue card into a counterspell or draw card
You couldn't ask your opponent to do it for you either unlike something like flipping a coin or rolling a dice, as they can rig it so it won't land on their creatures
