This deck aims to control the early game with removal spells like Magma Jet and Anger of the Gods while countering anything important and getting in various chip shots with Mindswipe. Eventually, Prognostic Sphinx and Riddle of Lightning will finish off your opponent, hopefully in a big way. Don't count out Mindswipe's ability to close out games either.
Perilous Vault hasn't seen much play recently, but it's seen prominently in this deck as a way to answer big creatures and planewalkers that might slip through the cracks. Aetherspouts out of the sideboard are great at dealing with creature swarms and big creatures too. With a solid manabase, Radiant Fountain makes an appearance as a way to keep your head above water while you try to set up that killing blow.
I can't imagine many things more exciting than casting a blind Riddle of Lightning when your opponent is at eight life.