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Situation 1:

Misthollow Griffin is on the battlefield.

Step 1 - Oblivion Ring 1 is cast, Misthollow Griffin is targeted and exiled by the ring.
Step 2 - Misthollow Griffin is cast from exile.
Step 3 - Oblivion Ring 2 is cast, Misthollow Griffin is targeted and exiled by the ring.
Step 4 - Misthollow Griffin is cast from exile.

Scenario A)
Step 5 - Misthollow Griffin is exiled by another effect.
Step 6 - Oblivion Ring 1 leaves the battlefield.
Step 7 - Oblivion Ring 2 leaves the battlefield.

Misthollow Griffin returns...
- ...after step 6 since it is the card exiled with that ring?
- ...after step 7 since it is the card exiled with that ring and the latest Oblivion Ring to do so?
- ...not at all since it is not considered the same card anymore?

Scenario B)
Step 5 - The three permanents are exiled at the same time.

Does Misthollow Griffin return to the battlefield?
- Yes
- No, since it isn't in the exile zone when the rings leave the battlefield
- No, since it isn't considered the card exiled with the rings anymore


Situation 2:

Permanent 1 and Permanent 2, both non-lands, are on the battlefield. Oblivion Ring targets Permanent 1 (it is put on the stack but doesn't resolve) and leaves the battlefield. Then it returns to the battlefield before and targets Permanent 2. Now the stack resolves. What happens?

- Both cards are exiled and return when the ring leaves the battlefield.
- Both cards are exiled but only Permanent 2 returns when the ring leaves the battlefield.

A - not at all since it is not considered the same card anymore
B - No, since it isn't considered the card exiled with the rings anymore
2 - Both cards are exiled but only Permanent 2 returns when the ring leaves the battlefield.

10/1/2007 If Oblivion Ring leaves the battlefield before its first ability has resolved, its second ability will trigger and do nothing. Then its first ability will resolve and exile the targeted nonland permanent forever.