After testing quite a bit I have found this deck is about the same as blue red delver, but it attacks from less versatile angles with creatures, but gains thoughtseize. It is much more vulnerable to Jace, and Snapcaster bolt is something to watch out for. The deck plays pretty well, but I think it would be hard to choose this over Delver.
This is another update to my testing efforts. This deck is much better than I expected it would be. I thought it would be good, but it is exceeding the expectations that I had for it. Basic Lands had to be included in the main and the s/b as well as Trygon Predators in the s/b to combat Workshop. When I added those the match definitely became something I enjoy to play. Not that I crush Workshops, but its not always crushing me now. Adding a fourth Mental Misstep, and cutting a Gitaxian Probe is a definite improvement. One Steel Sabotage main in the place of Fastbond is an upgrade as well. Aside from that, and the basics main, I think the only other change was cutting one Tarmogoyf.
There are definitely a couple points about the deck that need explaining. I will start with Death's Shadow. If you have no previous experience with this card you are probably going to experience many humiliating defeats. I am not even sure someone could learn to play with Death's Shadow in this deck, and in this format. It would be an uphill battle. On a related note, many of my opponents do not understand Death's Shadow either. When I attack with it, and they refuse to block, and attack me back causing it to grow to lethal size, this definitely shows some type of misunderstanding of the card. The p/t does change as your life total changes. This is basically one the most efficient creatures ever printed. It obviously does not come without a cost, but that only adds to its effectiveness. Playing against blue and red Delver I was stealing Recalls with Misdirections, or redirecting a Lightning Bolt targeting my 3/3 Shadow to their Young Pyromancer or Delver. Another example. My opponent has two creatures, and I have a small Shadow. My opponent swings in hopes I will be forced to block. Unfortunately you can block here, and as you lose life the Death's Shadow will grow before it would have otherwise died. It does not deal more combat damage because of the single entry, but you may well be representing your own lethal attack now.
When playing with Death's Shadow it is generally a meta call. If 4 bolts and 3 Snapcasters were the norm, that would be something to fear. Although a resolved Jace can be problematic, I do not really fear cards that are one or two of, especially when I can potentially counter it, or use Distortion Strike to get in there. Gush also adds to the versatility of this card. You can replay lands and bring your life total into Shadow range, or make it bigger. I tend to lean toward utility, synergy, and strategy, and this deck is up there on my list right now. Here is the list:
http://pastebin.com/kF6xTSCe
