Misdirection is incredible, with so many counters, you can easily redirect Ancestral and that wins matches.
I have also tried to Misdirect a Thoughtseize and pulled some extra counters with that. Play it as a one-of and you'll like it.

Mystical would be better with Will, but it's just another Tutor that gets draw-spells and counters. It's a must.

Mana Crypt is just fast mana. I played a first-turn Tinker on the play, but it got countered. Oh well, that's Vintage.
If you combo out with Vault, you have to watch your Mana Crypt, but that's the same as in Tezz-Vault decks.
Here you just have another combo that doesn't take many turns to kill (draw a lot of cards and Tinker, Explode or Repeal your Mana Crypt).
I didn't have any problems with the Crypt, but you shouldn't always auto-play it, unless you need it for the next few turns.

Academy Ruins is good with recurring Explosives, reclaiming countered Vault-pieces and back-breaking with the one-of Crypt in SB against Ichorid/Dredge.
I also reclaimed my Crypt after the Tinker was countered and I drew my Inkwell. I needed the extra 2 mana, so reclaimed the Mana Crypt and hard-cast Inkwell.

The sideboard is mostly focussed on beating Oath and MUD/Workshop decks. The Energy fluxes are very important and almost auto-win against Workshops
and the Seals are just extra kills. The Seals are very important as pro-active hate against Oath. They have a lot of Counters as well, so it's very hard to win a Counter-war.
The Seals help to put hate on the board so you can develop your own game-plan without keeping mana open.
The Extracts didn't help out as we hoped, because people had several kill-conditions. Oath had 3 creatures, Tendrils played Confidants and 3 Tendrils.
It could be a very techy win: T1 Extract your Vault and you can't go infinite or the single Tendrils so you can storm into nothing.
That didn't happen, but I would gladly play it again.

I agree with Marcel on the beatdown strategy:
I beat some opponents to a low enough life-total, while I was still at 17-ish,
so that they just couldn't attack with the Inkwell because I would win the race
with Trinket Mages and Salvagers damage.

Dutch tourney report from Bram PATELSKI (it's not so hard to spell):
http://benelegacy.nl/viewtopic.php?f=16&t=2667&p=65353#p65353

The list plays really nice, with a lot of counters and power-plays.
I managed to Misdirect a Recall, get 10 mana incoming off 2 Drained FoWs,
put Key-Vault into play on T1 and even almost Thoughtseize my opponent (yes, Misdirection is cool).

Tezzeret was just another way to get Key-Vault in play, but it wasn't the MVP of the deck.
That would be, uhm... if I can't choose the big pile of Counters I would have to choose Trinket Mage:
He got me Voltaic key to combine with the Vault, Sensei's Top on multiple occasions, the Spellbomb to go combo
in the next few turns and obviously Lotus to just combo out on the spot.

I don't know if Marcel considered black, but I don't think it's needed.
The deck performs perfectly fine as-is: Marcel made several top8 and top2's and I played this tourney without any practice-match.
I just played a few goldfish games to get a feel for card interactions.

Would black be good? Let's see:
Vampiric, Demonic and Yawgmot's Will. Yeah, I had a few occasions where I Mysticalled for the Fact because I already had used the Recall.
I could have gone for the Will if I had it, but I don't think that would make the deck considerably better.
Keep in mind, that this makes the mana-base a bit more fragile. I didn't encounter any Wastelands and got Stripped just once,
but a stable basic mana-base is very important, because the deck just gets really going once you hit 3 mana.