Just uploaded the decklist for my version of a Sphinx Transmuter deck. Check it out and let me know what you think. :)
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ZookCloak
I actually play a deck almost identical to this. It's very powerful yes, and nothing feels better than dropping an Inkwell Leviathan on turn 5.... but it only takes two or three games before the shininess wears off and people start burning your Transmuter. What's really embarrassing is getting Shocked after you've already paid the mana and returned a creature. :) Throw in some Thousand Year Elixirs or One-Mana Shroud enchants and you'll be golden. Toss the Stormblades for some Etherium Sculptors to speed up the big Sphinx drops to turn 4. The Sculptors actually help a lot in late-game, too, by the way, since your Transmuter will likely be burned, bounced, burned again, countered, naturalized, everything. You may have to actually play some of this big, shiny creatures Manually. ;)
Don't get my wrong, I love the Sphinx theme (My current favorite deck is a Sphinx deck), but... how, exactly, do you plan on playing all those high-mana creatures? You'll be decent early-game with some Court Homoculus and deathtouching Tidehollow Strix, but... that's all you're going to have until at LEAST turn 7. Seems dangerous to me... very dangerous. My Sphinx deck revolves around the Master Transmuter popping them in and out, which really makes their many different "come into play" effect shine. Just my $0.02 :)