Replace Negate with Mana Leak and Moorland haunt should be taken out. Since you're rocking the Sun Titans, you don't want to lose your creatures in your grave for a 1/1 flying spirit instead. Also don't run so many Evolving Wilds in my opinion, replace 2 of them with 2 more Plains. I don't really like doomed traveler that much so I would replace him by putting in maybe another Crusader and Invisible Stalker along with 2 Dungeon Geists to help lock down their creatures and allow Geist of Saint Traft a little more wiggle room if you don't draw your Spirit Mantle. Overall I like the deck concept and I'm sure it works fairly well. Hope I helped!
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Serra Ascendants, Celestial Mantles, Armored Ascension. Looks pretty good to me so far =)
I wouldn't say it's quick. And yeah the sapphire knocks out 1 colorless mana from any card, he uses painter to make everything blue, so it knocks out only 1 colorless mana. But the only mill cards he has besides Grindstone that has colorless is Traumatize. So it's not fully realized.
I see what your suggesting. Something like Emrakul, goes to the graveyard, reshuffle the deck. Fair enough, sideboard, but not maindeck. For those just in case moments.
Traumatize will go good if you run a Dark Ritual in your deck, get it out by turn 3 is fun and mill for 25 cards! Though you definatley do not need 4 traumatizes. Also sadistic sacrement is...okay. Definately not mill material though. Just play some nice Haunting Echoes, cause if they run a card does that, chances are they have multiple, and chances are you milled one of the multiple. Bam all out of play.
Keening stone is overrated, the card costs 5 mana, and 6 to play. By turn 6 your opponents deck should be wiped out. Archive Trap is decent, but I'd use it as a sideboard card if I was playing like an Elf Deck for example, lots of "Search your library" type cards. Fabricate isn't even milling related, unless you play Keening Stone, which as I previously stated, you shouldn't. It's an okay card don't get me wrong, but just overrated and not burst mill in my opinion.
I like the idea you got rockin here in some regards. First, I'd knock out all the tainted isles, and a couple more land. You don't really need 31 land, that's over doing it. I'd say stick with like 4 Dimir Aqueducts, 8 Islands, and 8 Swamp. The Dimir aqueduct goes as a great combo if you have to for a 3 card mill per turn via Hedron Crab. I'd say get some more creature also. Here's my mill deck and you can take a look at it. My opinion, your rocking way to much mana, and it's taking up alot of your deck, especially with your Sapphire Medallion/Painter combo knocking out mana cost. Though it's a colorless cost, and that only comes into effect for Traumatize, of which you don't really need 4 of, but I see why you have 4. And Grindstone is pretty baller, but meh. I'd rather spend the mana on a Glimpse/Mind Funeral/etc. etc. Anyhow, yeah here's my U/B Mill deck. http://www.mtgvault.com/ViewDeck.aspx?DeckID=77916
The deck you have built is based off beatdown, with creatures based off lifegain. Knock out the day of judgment, and replace with Scourglass, much more effective (except against artifact decks). Journey to nowhere needs to go byebye, put in some Soothing Balms. Replace Baneslayer Angel with Divinity of Pride Knock out Goldenglow moths, and replace with Lone Missionary Minus the Honor of the Pure, replace with 2 Light from Within, and with 2 Armored Ascensions Take out the 4 codemns, and replace them with Soul Wardens. Take out two of the Ajani Pridemate's, and put those Celestial Mantles in there. that's all the gutting I'm going to do...OH YEAH. Here's a combo for you. Ajani Goldmane Finale at 20 life: 20/20 Give it lifelink: 20/20 with lifelink: Give it Celestial Mantle: 20/20 w/ Lifelink and CM Swing 20life+20life 40lifex2 80life. Fun stuff sir.
I really like what you have going on here, but it seems less lifegain and more like a Beat-down with Lifelink. If your going more for that, then I would suggest some Armored Ascensions and some Celestial Mantles. Especially the Mantles, that would work wonders with this deck. Also, I'd knock out a couple pridemates, go down to at max maybe 2 felidar sovereigns. I mean you don't really need 4, you will never win with his effect at this rate unless you play another healing deck that is more survivalist. That's just my suggestions.