Quote from Jedit »Hanabi Blast changes zone during its resolution. Thus, if you wind up discarding the Blast to itself after recasting it via Toshiro, it will not be RFGed because it isn't considered to be the same card any more. The practical upshot of this is that with a Hanabi Blast and no other cards in your hand, whenever a creature dies you can kill as many */1 and */2 creatures as times you can pay 1RR.
Quote from Darter »Uhm, you are in fact, sadly mistaken, go reread the rules.
Spells are put into the graveyard once the spell is completely done resolving. So if you're opponent has more life, the pulse comes back. The same goes for Hanabi Blast, which my friend and I decided was pretty ridiculous.