This is a modified take on an older combination. I've played the Channeler/Aura combo before, but I have found that speed has always been an issue. I'd get a Channeler but not an Aura, or vice versa.
For those of you not familiar with the Wirewood Channeler/Pemmin's Aura combo, it works as such:
As long as you control at least one other elf, tap the Channeler adding two U, use one U to untap the Channeler via Pemmin's Aura effect. You have one U floating; tap again for two U, use one to untap, leaving you two U floating. Continue tapping for mana of any color, making sure to add/leave at least one U mana in your pool to continue untapping the Channeler so that you may continue tapping for mana of any color. Bottom line, infinite mana.
To remedy this, Llanowar's and Urborg's offer alternate mana sources, and blue draw (perhaps even a Sylvan Library) can help ensure that the main combo of the deck is achieved.
The deck plays through CONSIDERABLY fast once the Channeler is out as long as you have a way to generate cards. Windfall, Braingeyser, and Deep Analysis (chosen for it's Flashback) accommodate this, while Serum VIsions offers some card quality in the early game.
Ultimately, the kill condition is Kamahl, using his second ability infinitely to pump a Forest (activated from Kamahl's first ability if you're 'that guy') or the Channeler itself, made flying with the Pemmin's. Alternatively, Braingeyser can be used one of two ways: card advantage or kill condition, forcing the opponent to draw out their deck. Ghitu Fire is splashed in as a 'one of' as a 'from left field,' instant kill condition.
Please note that I prefer Kamahl here because mana isn't an issue when the combo is out. Therefore, having the flexibility to attack with land is more valuable to me than being able to regenerate my elves (that may change in time, of course).
Fastest win is turn 4 (turn 3 Channeler, turn 4 Pemmin's (two elves in play = infinite mana) teamed up with Braingeyser, Kamahl, Flash of Insight, Compulsion, or Ghitu Fire (Brain/Flash to find Kamahl/Ghitu) on the same turn.
If you like this, or want criticize me further, feel free to take a look at my other decks. Insight is always appreciated.