I haven't had time to read it all yet, but here are some comments:
I also worked on a BoW wits deck some day, and also went with 5 colours, since want to be able to fill the deck with actual 
good cards  

My deck actually wasn't all that different from Toads five-colour build. I had a little less countermagic to make place for some other stuff (more win conditions for one). Your mana-base looks a lot more solid though, I didn't put too much time into strange non-basic lands, but you come forth with some very appealling options.
The time I put into it probably means nothing compared to the time you two put into it, but I wonder if some of the combinations were tried:
Quiet Spec + Deep Analysis + Moments Peace. - Being able to search for three Moments Peace drasticly improved my matchups against FCG and other aggro decks. Together with Cunning Wishes you are able to fog more than 5 times consistently. This easily should allow you the to get the carda nd time to play the Battle.
And Quit Spec + DA can break open a control battle.
My Other Win Conditions consisted of Quirion Dryad (extremely strong with all the cantrips), and Mystic Enforcer (people still don't like 6/6 flyers) and Exalted Angels (my manabase consisted of mroe white)
My deck also had some more conditional cards which are very strong in some matchups and less in other (FtK, Moment's Peace, Rack and Ruin, Misdirection, Control Magic), and therefore I also ran cards like (Compulsion, Lat-Nam's Legacy, Thirst, Forbid, Firestorm)
Great work, and also looks like a great primer, I will start reading it now  
 
 Koen