I have been playing the following deck, and I am going to start doing leagues with it Tuesday. The deck is extremely powerful, probably going to get a ban in six months.
The slight loss of speed via having CiPT lands feels mitigated by the fact that it has so much extra reach with all the burn.
I don't know that it's any better than the tried and true mono blue version, but it's got some advantages and disadvantages that keep it even as far as power level goes, at least in my opinion.
I ended up excessively changing it due to a terrible Dimir control matchup. I am currently play an UR Faerie version to make the most of tandem lookout, in this version he is basically Bob.
4 thermo-alchemist
4 tandem lookout
4 lightning bolt
3 rift bolt
3 magma jet
2 Thunderous Wrath
4 mana leak
2 gitaxian probe
4 ponder
4 brainstorm
UB Wight Phantasm
RB Burn
UR Faerie Rites of Initiation
Legacy:
R Burn
CG-Post
Oops, that is supposed to read Memory Lapse.
UB Wight Phantasm
RB Burn
UR Faerie Rites of Initiation
Legacy:
R Burn
CG-Post
I've been playing a similar version in paper and it's been doing pretty well (basically as well as a proper build of almost any color delver).
4 Thermo-Alchemist
4 Tandem Lookout
4 Lightning Bolt
4 Magma Jet
4 Thunderous Wrath
4 Counterspell
4 Gitaxian Probe
4 Brainstorm
3 Ponder
3 Preordain
2 Terramorphic Expanse
6 Island
4 Mountain
2 Swiftwater Cliffs
I find that the lack of reliable raw card advantage from stuff like Faerie Miscreant, Gush, and Ninja of the Deep Hours is made up for by the additional scry, the awesomeness that is Brainstorm, and occasional card advantage of Tandem Lookout + Thermo-Alchemist combo.
The slight loss of speed via having CiPT lands feels mitigated by the fact that it has so much extra reach with all the burn.
I don't know that it's any better than the tried and true mono blue version, but it's got some advantages and disadvantages that keep it even as far as power level goes, at least in my opinion.
Pioneer:
EDH:
8 snow-covered island
2 terramorphic expanse
4 snow-covered mountain
4 faerie miscreant
4 zephyr sprite
4 spellstutter sprite
4 thermo-alchemist
4 tandem lookout
4 preordain
4 skred
2 echoing truth
4 counterspell
4 lightning bolt
3 curfew
4 dispel
4 electrickery
4 smash to smithereens
Very good against UB decks, burn and stompy, bad against Tron.
UR Counter-burn:
4 Firebrand Archer
4 Thermo-Alchemist
2 Chain Lightning
4 Lightning Bolt
4 Words of Wisdom
4 Counterspell
4 Prohibit
8 Mountain
8 Island
4 Izzet Guildgate
4 Tragic Lesson
4 Swiftwater Cliffs
2 Thunderous Wrath
4 Electrickery
3 Flame Slash
4 Stone Rain
UB Wight Phantasm
RB Burn
UR Faerie Rites of Initiation
Legacy:
R Burn
CG-Post