This deck is filled with instants to allow maximum flexibility in combination with flash.
Peek
This gives you information at instant speed so you know how to play your cards, since most cards in this deck have multiple uses, and it is a cantrip, so even if an opponent is in topdeck mode you can cycle it. This is also the best card a deck without access to B can use to look at an opponent's hand since the banning of
Gitaxian Probe
.
Vapor Snag
Returning an opponent's creature to hand and making them lose 1 life is good, especially since it can be used in a pinch to save a faerie and reuse an ETB for the cost of 1 life.
Lightning Bolt
This needs no introduction. Burn a creature, burn a player, it's almost always useful.
Rift Bolt
Pretty much Lightning Bolt #5-8; not quite as effective, but opens up some plays. Remember that you can hard-cast this, but it's sorcery speed, so you'll generally be suspending these before casting Lightning Bolt.
Mana Leak
This counter is best early-mid game since opponents typically won't have enough mana to save their spell if they're casting anything of significance at that point (or, if they do, you gain some tempo). Later in the game use this as fodder for Izzet Charm's filter mode and
Desolate Lighthouse
unless this spell would damage an opponent's ability to use mana sinks.
Deprive
Especially with Quickling, you want to avoid having too many
Familiar's Ruse
so you are actually able to keep a creature on the board. This deramps your mana base when you cast it, but you at least get to maintain your board presence. This is best midgame since you won't have enough mana to recast a bounced creature immediately but most likely won't have any lands in hand.
Familiar's Ruse
This returns a faerie to hand and is a Counterspell. That makes this very useful, reusing an ETB effect while stopping an opponent's spell. It's especially useful against combat tricks since it can save a faerie from a creature that would normally kill it. Note that, although it can't directly counter something like Abrupt Decay, you can still cast it targeting that spell and bounce the creature being targeted. This is best mid-late game when you have the open mana to reuse a faerie after casting this.
Logic Knot
I try to put a delve card in decks without reanimation because I feel that otherwise the graveyard goes to waste. This provides an extra late-game Counterspell. Remember that you can pay mana to increase X beyond what your graveyard can handle. Also, be careful with Rune Snag and Faithless Looting since those serve a purpose while in the graveyard.
Izzet Charm
Countering a spell, burning a creature, and filtering through the deck are all useful actions that would require more deck space, so Izzet Charm provides a slot for all three. It isn't the most efficiently costed for each mode, but the package of versatility is worth it.