My first knee jerk reaction when seeing this card was "Wow, imagine how good this would be in Type 1..". Why? Because Type 1 has a huge number of restricted bombs as well as redundant spells that for all intents and purposes are equivalent.  You can fetch 4 answers, 4 sideboard cards, 4 lands (w/crucible), 4 bombs, 4 counters, 4 graveyard related spells, or any mix there of, and you get to keep 2 of them.

In many situations, the card basically reads: search for 4 cards that will win you the game, discard 2 and keep the other 2.  If you are down to less than 3 game winners in your deck, you probably werent going to win anyhow.

Ironworks generates a ton of mana and turns all 0 cost artifacts into dark rituals, and moxes into black lotuses. It also turns out to be an excellent way to kill off creatures that have been skullclamped.

Heres a really quick build:
creatures (18)
3 Disciple of the Vault
4 Frogmite
3 Myr Moonvessel
4 Myr Retriever
4 Ornithopter

combo (8)
4 Krark-Clan Ironworks
4 Skullclamp

broken stuff (10)
1 ancestral
1 time walk
1 tinker
1 jar
1 demonic tutor
1 vampiric tutor
1 yawg will
1 necro
1 bargain
1 tendrils

Mana: (24)
5 mox
1 Sol Ring
1 Mana Crypt
1 black lotus
4 dark ritual
4 pentad prysm
4 glimmervoid
4 Mishras Workshop

No disruption or anything, just something I threw together as quick as I could before a meeting at work

Finally got some time to goldfish the black changes. It seems to slow down the deck slightly, more prone to color screw as well.  Cabal Therapy does guarantee a cleared out control decks hand before you kill them if they let you draw your whole deck.

Anyhow, without further ado:
// Lands
    3  Tropical Island
    2  Gaea's Cradle
    4  Polluted Delta
    1  Bayou

// Creatures
    1  Quirion Ranger
    2  Elvish Spirit Guide
    2  Birchlore Rangers
    3  Wirewood Hivemaster
    4  Llanowar Elves
    3  Fyndhorn Elves
    4  Priest of Titania
    1  Timberwatch Elf
    1  Viridian Shaman
    4  Wirewood Herald

// Spells
    3  Intruder Alarm
    4  Skullclamp
    1  Stroke of Genius
    1  Mox Emerald
    1  Mox Sapphire
    1  Black Lotus
    1  Time Walk
    1  Ancestral Recall
    3  Fabricate
    1  Lightning Greaves
    1  Mox Jet
    1  Demonic Tutor
    4  Cabal Therapy
    1  Crop Rotation
    1  Yawgmoth's Will

// Sideboard
SB: 2  Viridian Zealot
SB: 1  Caller of the Claw
SB: 4  Xantid Swarm
SB: 1  Glissa Sunseeker
SB: 4  Root Maze
SB: 1  Wellwisher
SB: 1  Timberwatch Elf
SB: 1  Viridian Shaman


Goldfish results: (turn listed is go off turn = more mana than you know what to do with + draw entire deck + tons of tokens + at least 5 very large timberwatch pumped creatures).

turn 4
turn 2
turn 3
turn 4
turn 5 (2 cabal therapies open hand)
turn 4 (turn 1 cabal therapy)
turn 7 (mana flood)
turn 3
turn 5 (2 muligans + mana screw)
turn 3 (turn 2 cabal therapy)
turn 4 (turn 1 cabal therapy, turn 3 viridian shaman equip skullclamp, sac to cabal, fizzle)
turn 5 (3 muligans due to color screwx1 then no landx2)
turn 3
= Exactly turn 4 average


I never used yawg will, it doesnt seem to be needed for goldfishing, but it would certainly help go off in a long match against control.

The build Im working on uses 4 wirewood heralds and 4 cabal therapies as well as 1 viridian shaman to take care of nasty artifacts and provide hand disruption. Its not really in a good state to show as im not back down to 60 cards yet but you get the basic idea. Black also provides tutors, will and bargain if you want them.

The deck has no way to win without skullclamp, so you have to aggressively mulligan until it or a tutor  is in your hand. Then you have to try to get it into play, which against control means a xantid swarm. Then you have to have a carnival of souls in order to go off.  If the skullclamp does not get into play, or is shattered you simply cannot win. If the carnival of souls does not get into play or is disenchanted you will have a hard time winning.

With all the hate out there, id guess this is a 1 trick pony that isnt reliable enough to win a tournament. In short, there is no plan B and certain openings will stop the deck in its tracks (tsphere/chalice for 0) and there is no way out.

Furthur research shows you cant believe what you read on cards..

From Saturday School #55 by Rune Horvik, Saturday, December 6, 2003
Q: If an equipment is animated via Karn or anything else, can it then equip itself?

A: No, it can’t. Rule 212.2i says that if an equipment has been turned into a creature, it can't equip anything. (And if it's already equipping something, it falls off.)

Karn
1: Target noncreature artifact becomes an artifact creature with power and toughness each equal to its converted mana cost until end of turn. That artifact retains its abilities.

vs.

March of the Machines
Each noncreature artifact is an artifact creature with power and toughness each equal to its converted mana cost. (Equipment that's a creature can't equip a creature.)

You make the call!

Any card that says 1: Draw 2 cards can certainly be made into a deck somehow. How to get a new creature into play as well as 1 additional mana to clamp with those 2 new cards is the problem.  Fitting it into existing aggro decks seemed like an easier start to me[/b]

JP Meyer says this about Skullclamp:


Lets look at what Skullclamp does:
1 mana CC (good)
1 mana equip that gives:
+1 power (good)
-1 toughness (bad normally)
draw 2 cards when creature dies (double plus good)

Lets analyze the creatures used in gauntlet decks from http://www.themanadrain.com/forums/viewtopic.php?t=9347 and give a verdict when not obvious.

Madness:
Basking Rootwalla - pump, equip, attack for 4, draw 2 at end of turn- Grade C
Wild Mongrel - equip attack with 3/1,  (7 turn clock instead of 10 not counting pumps) - Grade C+
Arrogant Wurm - equip attack with 5/3 trampler,(4 turn clock instead of 5) - Grade B+
Roar of the Wurm  token - equip attack with 7/5, (3 turn clock instead of 4) - Grade B
Verdict:
Possible stalemate breaker. Makes any block or attack a better trade

Oshawa Stompy:
Squee, Goblin Nabob - No way to cast - Grade F
Basking Rootwalla - See Madness - Grade C
Wild Mongrel - See Madness - Grade C+
Troll Ascetic - 4/1 untargetable regener. draw 2 if killed somehow, 5 turn clock instead of 7 - Grade B-
Arrogant Wurm - See Madness - Grade B+
Hidden Gibbons - See Madness - Grade B
Elvish Spirit Guide - I guess you could equip twice late game - Grade D
Verdict:
Possible mirror match sideboard target. 4/1 Troll is nice blocker, and can attack with a more powerful other creature for card advantage.


TNT:
Goblin Welder - Equip some artifiact creature, weld, draw 2 cards, get new artifact creature, can even weld skullclamp into play itself  - Grade A+ Combo
Squee, Goblin Nabob - Cast (what you can cast him?!), equip, draw 2 cards If you have nothing better to do with squee..- Grade A-
Anger - See Elvish Spriti Guide Above - Grade D-

Juggernaut - 6/2 is not much better than 5/3 - Grade C
Su-Chi - 5/3 is much better than 4/4 - Grade B
Karn, Silver Golem - 5/3 is much better than 4/4 but 1/7 isnt really that great. Of course 2 mana lets you turn skullclamp itself into 2 cards - Grade B
Solemn Simulacrum - 3/1 draw 3 when die is pretty good. 4/0 draw 5 for  2 mana + weld a mox is GG - Grade A- with 1 equip, when welded out A+ Full combo A++++
Triskelion - Weld in, attack with 5/3, do 3 damage with pings, draw 2 cards - Grade A+
Quirion Ranger- Would you really want to kill your combo piece for 2 cards? i guess sometimes.. - Grade C-
Duplicant - As extra combo with welder its good but youve already won more - Grade B
Platinium Angel - No real point to equipping- Grade D-
Verdict: Playable Main deck. Adds more card advantage to engine, shortens clock some.

Hulk
Tog - See Tog - Grade F

Tog
Tog - See Hulk - Grade F

Keeper
Decree of Justice - Not good currently. May be abuseable in a combo deck, but not keeper - Grade C but in the right deck perhaps A or higher
Gorilla Shaman - Why kill off your shaman you nitwit? - Grade F

Scepter Control
Decree of Justice - See Keeper but only 2 decrees so less likely to have any tokens to turn into cards - Grade D

Landstill
Various lands - But Why? Maybe if combined with decree of justice which also works well under standstill- Grade D Possibly B in right deck

U/R Control
Ophidion - Just say no - Grade F
Gorilla Shaman - See Keeper - Grade F
Morphling - Dont want morph to die so draw is pointless, other parts mimic pre existing morphling ability. - Grade Dumb

Mono Blue Control
Morphling - See U/R Control - Grade F

Dragon:
Dragon - No - Grade F
Squee - Not casting squee - Grade F

TPS:
Elvish Spirit Guide - LOL - Grade H

Neo Long
Xantid - Grade F

Slavery
Welder - No creatures to equip and then weld away - Grade F

Mud
Metalworker - a 2/1 mana producer.. umm ok, weldable though - Grade D
Goblin Welder - Some creatures to weld esp. with karn, but already winning - Grade B-
Karn, Silver Golem - See Golbin Welder - Grade B-
Verdict: Not really needed.

Fish
Not going to go through all the cards but verdict is playable

Gay/R
See Fish

Other decks
Not playable

Yeah, I know I gave up finishing at the end, if someone else wants to do a complete analysis go ahead.

Overall Verdict: Very playable with Welder tricks and in aggro decks. Especially good in aggro v aggro matchups.  Combo possibilities are out there. Most likely success TNT. Its worth at least 1 slot to get welded into play, perhaps replace a Blood Moon since the extra card draw should help you draw into it anyhow.

Celandro

P.S. My first post, hope I'm not too noobish. Comments/Suggestions welcome.