It's pretty straightforward, really. Mill them whenever you get a chance, and your creatures will grow as you mill. In most situations, Jace will be used as a mill nuke/damage soak, don't bother trying to keep him alive or using his +1 unless you feel you REALLY need to draw cards. The Wights are like mini-Abberations, the Phantasms are an incredibly cheap 5/5 flyer (great to use with paranoid delusions, then they become mega-Shriekgeists), Mirko Vosk can be devestating if used at the right time (but be careful because he's squishy), and Lazav is a great "swiss army knife" card that can give you some pretty crazy options depending on what decks you're playing against and what you mill.
But the A-Lister card in this deck, the reason it exists, the thing around which everything is built, is Consuming Abberation. Often times, once you get this sucker out, you can block anything that doesn't have flying or unblockable without worry. But Consuming Abberation can get so absurdly large that he becomes an instant win if he's not blocked, so even if they DO have those kinds of creatures they'll want to keep them back to block because if you get even one successful attack off on a player, you're probably doing 30, 40, 50 goddamn damage. Oh yeah, and every time you cast a spell, everyone mills until they hit a land, which only feeds back into the Abberation's power/toughness. Best part is that by the time you get Abberation out, he's probably already going to be fairly large because you'll have had the chance to mill with shriekgeists and mind sculpts and everything else that causes mill before you reach 5 mana.
However, with only 2 Abberations in the deck there will be plenty of games where you don't get to use him, which is why you have the Wights and the Phantasms, as well as Mirko Vosk and Lazav to fall back on, as well as the Psychic Strikes, Grisly Spectacles, and Death's Approaches. You have a good selection of spells, be smart with them and you should be able to survive long enough to get huge from the mill.
Decks to avoid playing against with this deck are blue decks with control options or other mill decks. That won't be fun for anybody.