First things would be to go for a more focused deck. Trying to get cards that play togehter well and increasing them from 1-2x to 3-4x. This will give you better probability of getting your combos. I would take out cards like Cloudheath Drake, Living Tsunami, Outrider of Jhess just because they are very expensive to play, and their abilities require lots of mana or take away from your mana source. However, that said, living tsunami could be okay to gurantee you a land for Landfall. It would be better to just have more cards like ponder and flow of ideas. Drawing cards will easily get you those lands. Would still go for cards that cost less. if a card has a mediocre ability I wouldn;t pay more than 1 converted mana for a 1/1 and 2 for a 2/2. if it had flying then 3 mana for a 2/2 isn't bad. Also would take out defenders if you are going for an aggresive build. Exalted, is only good if you want to attack with only one creature. Doing that, its easy for your opponenet to block with a crappy creature, destroy yours with a spell, or nullify damage. Battle cry would be alot better. using cards like Accorder Paladin Flanking also would work better for aggression. I like the phantom warriors and would put more in. I can see how this would be good for exalted while defending with walls, but as it is, jsut the one isn't enough to rely on that gameplan (still wouldn't do it, see above). You are using white, which is good for pumping creatures up and life gain, if would be ncie to see some creatures or enchantments that give bonus to power. some cheap ones are "holy strength" Also some oblivion rings and counterspells would do wonders to make sure your opponent has a weak defense which would allow you to swing unopposed.
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Its nice and simple, but would rather have another zombie master or two instead of boneknitter for cheaper regenerate and not a fan of the expensive morph cost option. Also, would add another 1-2 death baron for the deathtouch. You have some guys that seem to build of sacrifices, that being the case, maybe a gravepact or two? And if you really want to be mean chainer's edict? Instead of sangrophage, to avoid lose of life Rotting Giant. Need to have a bit of a graveyard though for him.
Ya, that is a definte combination idea for this deck. I was thinking the same with reality acid, but then, who needs destruction when you can exile.