This Mono-Blue Faeries deck would probably be considered a mid-range tempo control deck. It has worked superbly for me in general play-test and I'm about to break it out in a more competitive environment. I call it 'Two-Step' because of all of the casting, bouncing and re-casting of the Faerie cards in it. It's a tricky deck to master but an absolute blast to play - with most of your creatures and all of your spells capable of being cast at Instant speed, the vast majority of the time you will be casting on their turn and then attacking with flyers on yours.
Mistbind Clique is your primary win condition, ideally getting two in hand along with either a Quickling or a Faerie Impostor to soft-lock your opponent. There has been a little confusion on how this combo works, so I will lay it out here step-by-step:
With a Quickling or Faerie Impostor in play, you cast Mistbind Clique #1 on your opponent's turn, tapping all of your opponent's mana and championing the Quickling / Faerie Impostor, removing it from play. On the following turn, you cast Mistbind Clique #2, championing Mistbind Clique #1, which removes it from play and returns the Quickling / Faerie Impostor to play. The Quickling / Faerie Impostor then bounces Mistbind Clique #2 to your hand, which in turn brings Mistbind Clique #1 back into play whereupon it once again champions the Quickling / Faerie Impostor, resetting the loop.
In the same vein you can loop two Quickling / Faerie Impostor and one Mistbind Clique but you will need five or six mana to do it consistently instead of four.
You don't need the Mistbinds to win necessarily, as pinging away with flyers while you counterspell or bounce can often do the trick all on its own. The goal for any aerial assault is to get out a pair of Scion of Oona (or a Scion and a Phantasmal Image to copy it) - none of the abilities your faeries use actually target your creatures when they go off, so the Shroud effect doesn't impair you at all while allowing the two (or more) Lords to cover one another.
It's important to understand how your various cards work, both separately and in concert, and above all show patience. Don't just bounce a threat with Brazen Borrower, bounce it after it has been targeted with a buff spell. Don't just cast Scion of Oona to get him out there, use it to counter a spell that targets one of your other creatures. Play Vendilion Clique in response to your opponent tapping land and try to dismiss the card he was planning to cast. Don't just bounce a useful faerie back to your hand, use it as part of an attack and then bounce it back when your opponent assigns a blocker to it. Remember that Mutavault can tap for mana and then activate itself, a useful trick when it comes to getting the most out of Spellstutter Sprite. Most importantly, always keep in mind the abilities of the cards currently out of play due to Mistbind Clique - a Quickling or Faerie Impostor won't just return the Mistbind back to your hand for re-casting, it can also easily get you another use out of Spellstutter Sprite, Vendilion Clique or even just a quick benefit from Faerie Miscreant or Faerie Seer.
Be patient with your approach and work towards an inevitable victory rather than getting too aggressive with early flyers. Know the meta and what you are targeting with your counterspells.
In a competitive environment, I like the versatility that Fae of Wishes offers and I've included two of them and adjusted my sideboard to give me more options with it. That necessitates the removal or either the Phantasmal Image or Faerie Impostor - I'm on the fence as to which. I'm also giving a long look at Cackling Counterpart, perhaps to replace Peel from Reality.
