You can still have a solid deck going mono blue. And having a Jace, the Mind Sculptor obviously wouldn't hurt. I would use 4 Jace Beleren's, Hedron Crabs, lots of fetch lands, take advantage of artifacts like Grindstones, Fonts, Mines, Mesmeric Orbs if your going for speed. If you build for more control you can add some higher mana mill cards like Traumatize, Keening Stone, Wheel and Deal, Forced Fruition, and Telemin Performance are decent. You would need more counterspells, Mana Leak, Muddle the Mixture, Daze, Stifle, Trickbind and Spellstutter Sprite. For removal I use Gilded Drakes which are really key. Card drawing still helps with Brainstorm, Mystical Tutor, Ponder or newer stuff like Preordain, Augury Owl, Treasure Hunt. Call to Mind is nice, but for mill decks I think Mnemonic Wall is better cause you get some defense. For more blue control add Propagandas, Evacuations, Wash Outs, Upheaval. If there is a mono blue land that can become a creature, that would help. That's all I got for mono blue. I would advise adding black just for more card selection and options. I would even suggest adding white too, just for its awesome for removal.
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Ya, I'd like another damnation too, just a lot of $$. Plus, Upheaval does help mill by possibly causing opponent to have to discard, and it takes care of indestructible creatures.
Having the black mill cards would help. Extirpate, Haunting Echoes, Bitter Ordeal, Cranial Extraction, Lobotomy. Extract may be useful for blue, but I only have it in my sideboard in case opponent has an Ulamog. Also counterspells like Counterbore, Bribery, Quash may help too, but I don't use cause they cost a lot of mana. I would suggest replacing some cards to combo with the Hedron Crabs' landfall mill ability. Cards like Daze is just awesome with hedrons, Verdant Catacombs, Terramorphic Expanse, Evolving Wilds, Dimir Aqueduct and Mistvein Borderposts will all double up your landfalls. I would also get as many Howling Mines and Font of Mythos as possible. Drawing cards is almost as good as milling. To focus on using Twincasts as your deck's main strength requires having other low mana powerful instant or sorcery spells that could end the game. This is cause it ends up only being useful if you can use Twincast to really help you mill a bunch. You have no good powerful low mana milling cards, like Glimpse the Unthinkable, so they won't really help. Mill decks work better if they are fast, cause defense is not an option. Jace's Erasures is really your best straight mill card you have in there. Take a look at mine. If you want to ask something I'll try to help too. Here's my Black/Blue Mill Deck: http://www.mtgvault.com/ViewDeck.aspx?DeckID=90640
Agree w/ Zanmor for sure. I don't quite understand why you rely on combat damage to even think about using the archmages. Pretty slow on milling until you succeed in doing so. I love archmage ascension, but still even with howling mines and font of mythos', I just think its losing the main focus, or just making you win even more, when other strategies need more support. Just my opinion though. Here's my mill deck: http://www.mtgvault.com/ViewDeck.aspx?DeckID=90640