Creatures - 8
1 Azure Mage
3 Fog Bank
1 Spiketail Hatchling
2 Archaeomancer
1 Talrand, Sky Summoner
Other Spells - 28
3 Slight of Hand
2 Disperse
2 Favorable Winds
2 Mana Leak
1 Twincast
1 Call to Mind
2 Cancel
1 Keep Watch
2 Repulse
2 Rite of Replication
4 Talrand's Invocation
1 Bribery
2 Future Sight
1 Panoptic Mirror
2 Time Warp
Land - 25
25 Island
General Strategy: Play your cheap instants/counters/spiketail hatching/fog banks to stall into the mid-game, dropping a Favorable Winds along the way if possible. Then start building an army of drakes (trading them if you need to to stop your opponent's army), drop some 5 mana bombs, recur some stuff with Call to Mind/Archaeomancer, and win. A few card notes.
Future Sight, if gone unchecked, will just start generating you massive card advantage. Panoptic Mirror, Rite of Replication, Time Warp, and Talrand himself are all game winning bombs. Given the amount of land and card draw in the deck, it's not uncommon to be kicking a Rite of Replication in the late game. Talrand turns gives every instant/sorcery in your deck an added bonus of putting a 2/2 drake into play (3/3 or higher with Favorable Winds).
Kraken Hatchling - I replaced them to make room for the better stuff. They were already starting to slip out of my previous build. I just don't care to see these guys, like at all. There's only maybe 3-4 decks where I'd want/need to drop this card turn 1, and turn 2 you get the much superior fog bank. I just found that having 5-6 creatures with 0 power just results in having too many cards late-game that I don't want to topdeck (Krakens) when I desperately need something good. They act as a speed bump and nothing more. I find that this deck has a pretty good time of stalling to turn 4-5 without them, which is when I can start playing things like Invocations.
Azure Mage - Early game it will just trade for something, and late game it can draw you cards, which is nice. It may seem odd to only run one, but that's because we can only run one spiketail hatchling, and it works fine for him. I was running 2, but replaced one to make room for the 2nd Future Sight.
Future Sight - Speaking of which, some people argue against running 2 future sights, saying that having both will result in a dead card (those same people tend to run the Krakens), and I used to be one of those people. However, there's 2 good reasons to run both Future Sights. Having FS on the board, it won't matter if you draw the other one and it remains a dead card, since FS generates so much card advantage anyways. Also, if the first one gets destroyed, you'll be glad to have the second one.
Gravatational Shift - I took this out from the last build. It does hose Goblins, but it also seems to backfire sometimes. Half the decks or so have flying, and since this boosts all flying creatures, suddenly my opponent's flyers can trade with my drakes, even if I have a Favorable Winds out. This becomes a bit counterintuitive to what this deck is trying to do. The added power has never really felt necessary either. I'll stick with Favorable Winds for this build/playstyle.
Followed Footsteps - It's another way to go infinite. Being an aura however, makes it a high risk, high reward card, and you guys know that I tend to stay away from those. I don't feel it's necessary here. Sure, it's versitile and you can copy your opponent's stuff (but for that purpose, so can rite of replication, which isn't an aura). It's certainly not a bad card, and you can expect to see it in my Aura Servants control deck, just not for this deck.
Favorable Winds - I've heard of some people taking this card out, but I don't see why. 2/2 drakes are ok, but when they all become 3/3 for 2 mana, it makes each drake much more threatening, on both defense and offense.
Twincast - For 2 mana, copy any instant or sorcery, and there's lots of good ones to choose from. Copy a Talrand's Invocation with Talrand out, and you'll get a total of 6 drakes for the cost of 2 cards and 6 mana. You can even copy your oppoent's instants/sorceries, if the situation provides.
Keep Watch - I've seen a lot of decklists exclude this, and I honestly don't see why. You can use it when you're attacking, or when your opponent is attacking, and it only costs 3 mana. Worst case senario, this should turn into a Divination and draw you 2 cards, and Divination was used in Jace's 2012 deck.
Bounce/Counters - Knowing when and how to use these is one of the major keys to succeeding with this deck.
Curiousity - This deck has other card draw options, and this card is a dead card until at least turn 5 (unless your opponent can't block an azure mage or something). I could see it in a more aggro build, but I don't think this deck is really geared for aggro.
Ring of Evos Isle - The Hexproof is nice, but let's be honest, what cards really need it? Talrand and... maybe to protect Fog Bank from removal. There usually isn't a need to protect Fog Bank, since it doesn't help you win anyways, plus you have 3 of them. Talrand is just a 1-of, and while he's great, the deck can win without him. Aside from that, you could stick it on a Kraken, but I found this strategy to just be way too slow as means of offense or even trying to control the board. I would rather be spending my mana on instants than dumping it into playing and equiping this, and then leaving mana open to use hexproof instead of using my other instants. The buildup of +1/+1 counters is just too slow, even if you equip it on a Kraken on turn 3.
Skywinder Drake - It can only block flying, so you can't really use it for defense. It could be used in an aggro build, but I don't think this deck has enough good tools for aggro. My build is a Tempo/Control.
Dehydration - It's 4 mana to nullify an opponent's creature. For the same amount of mana, I can play Rite of Replication, which actually has synergy with the instant/sorcery theme of the deck. This card is also trying to compete with all the bounce, which is cheaper and can be used at instant speed.
Sphinx of Lost Truths - This is essentially a 7 mana 3/5 flyer that gives you 3 cards. This deck has other options for card draw and card advantage. You could play it for a net of 0 card advantage for 5 mana, but I'd rather be playing a Future Sight, Gravitational Shift, or Panoptic Mirror on turn 5.
Cast through Time/Sphinx-Bone wand - Both are 7 mana, and by that time, you should just about have control of the board. The wand may seem nice with the instant/sorceries flying around, but it's slow to build up, and by the time you do, all those instants you played will have given you control of the board without the wand.