I know I haven't been too active on the forums the past couple of months, and kind of missed the party on this topic, but I wanted to add my 2 cents anyways.
sIKE is correct that there can be a ping pong effect when we allow enchantments to be revealed after one another before concluding or beginning a step or phase. I think it is very clear by the rules that this has been allowed since the game's initial release, however, and I do not feel that it is a bad thing or at all confusing. You go back and forth until everyone is satisfied and then you move on.
Also, as Shad0w pointed out, there's not very many weapons in this ping pong battle currently. The only one that can actually prolong the battle is Reverse Magic, because any others would end the battle by sending the spell to the discard pile or back to the spellbook. You can't even reveal an Enchantment Transfusion to prolong things, because it doesn't have the exemption allowing it to be revealed during a step (although you could use Transfusion before beginning this ping pong match in order to put your pieces in place).
I believe that the entire point of having a Counter Spell Step is to limit this ping pong battle, actually. Otherwise, it's not really necessary. You could just have a Cast Spell step, and then a Resolve Spell Step, and allow people to reveal enchantments in between which might counter the spell. However, by specifically putting an extra step in between and then severely enforcing what can and can't be done during it, they keep very tight reigns on the ping pong match. They prevent most spells from being used at all, force other spells to be used, and in general keep things short and simple.
I do wish they would add a "Then" to the wording on Reverse Magic to make Shad0w's ruling a little more clear, although his ruling makes sense even without that wording due simply to grammatical structure of the spell and the period separating the two effects. Even so, I probably wouldn't have caught the implication right away either that this eliminates the mandatory trigger of spells like Nullify when targeted by a reversed spell. That is certainly an interesting loophole. Overall, I am happy with the current ruling.