Oblivion Rings and Keyrunes

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Hey all, 

I have what is probably a simple question but has caused some debate in my Magic group.

Let's say I have a Golgari Keyrune on the field.  If my opponent casts an Oblivion Ring on my Keyrune, I choose to respond by activating ability #2, so this is how I see the stack resolving:

Keyrune becomes creature

O-Ring has no target so fizzles

Some in our group say the stack does not work like this and it would resolve a little differently:

Keyrune becomes creature.

O-Ring exiles creature as target has not changed. (So if O-Ring is destroyed later, keyrune returns to battlefield as a creature until end of turn).

Which is actually correct, and if there is something in the rules that clears this up, i would appreciate that.
both is wrong

O-Ring will still target the Keyrune, it is still the same object, it just changed what it looked like

if O-Ring is destroyed the Keyrune will come back unanimated, because NOW it is a new object
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Not only are both scenarioes wrong, so is the question itself. [C]Oblivion Ring[/C] doesn't target; only its ETB ability does. One does not pick a target before the Oblivion Ring resolves and is a permanent. Even if its ETB ability fizzled, the Ring would stay on the battelfield.

A card becomes a new object when it changes zone, and only then. The Ring's ability still sees the Keyrune even with its new characteristics, and the Keyrune still matches the targetting criteria ("permanent"). The Ring's ability does not fizzle, and the Keyrune is exiled.

When a card changes zone, it becomes a new object with no memory of its past self. Were the Oblivion Ring to leave the battlefield, the Keyrune placed on the battlefield by the Oblivion Ring has no memory of its past self in exile, much less of its past self on the battlefield before that. The Keyrune enters the battlefield from exile exactly as if it had entered from the stack from being cast: as an unanimated artifact.