The deck name is a reference to the song "Werewolves of London" by Warren Zevron, and was inspired by the colors of the deck.
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The idea is to copy something earlier than turn five with vengeance, and flash it back with snapcaster. Also, I think you're underestimating Niv-Mizzet. I tried Mortars, they were lackluster. Traft is mediocre in the deck and I don't want to spend the money that he costs for a mediocre card. I'm actually considering going in a Dissipate direction although I don't know if the mana base can handle it.