The strategy here is simple- hold off the opponent early with tough defenders like Frostburn Weird and Boros Reckoner, who also conveniently provide high Red Devotion. Some burn spells, counterspells, and Anger of the Gods are mixed in to help the cause.
Before long, Nykthos, Shrine to Nyx will ramp into the real breadwinners- the Dragons- to finish off the opponent in a quick and brutal fashion.
CREATURES
Frostburn Weird: A 2-drop with 4 toughness and 2 Devotion. He can also be an effective beatstick against control if need be.
Boros Reckoner: Always makes aggro decks think twice about attacking and is a solid attacker himself. Even though he doesn't survive Anger of the Gods, he can redirect the damage to the opponent, a planeswalker, or one of their bigger creatures.
Ember Swallower: Since Wizards decided that every worthwhile Dragon should cost 5 or more, he fills the 4 drop slot here. He's a big body whose Monstrous can end the game with control of the board, especially if Nykthos is out.
Stormbreath Dragon: The Spike favorite of the Dragons who also has a mean Monstrous that is easily attained with Nykthos.
Hypersonic Dragon: Perhaps the Johnny's favorite Dragon. He teams up nicely with Stormbreath for quick, out-of-nowhere kills. He also turns the multitude of powerful Sorceries here into Instants. Something about playing Anger of the Gods or an Overloaded Mizzium Mortars on my opponent's turn makes me smile.
Scourge of Valkas: A real star in this deck. He provides 3 Devotion and can be a team player with his direct damage trigger or a one-man wrecking crew with his Firebreathing, especially if Nykthos is cranking.
Niv-Mizzet, Dracogenius: Damage, draw power, and a big flying body. What's not to love?
Utvara Hellkite: Frees up all Dragons to attack, and combines for quick kills with Scourge of Valkas. Also, if you need 8 damage from Blast of Genius, this is your guy.
NON-CREATURES
Syncopate: Since I wanted to stay away from double-Blue, this seemed like the best counterspell for the deck.
Magma Jet: Some Instant-speed burn that also provides a scry.
Mizzium Mortars: A bigger burn with a nasty Overload that is ridiculously attainable with Nykthos.
Turn / Burn: When burns aren't enough, Turn 'em first.
Anger of the Gods: Wipes the board clean against aggro decks like RDW or mono White, incinerates mono-Blue's flyers, and kills all the dorks in decks like mono Green. All the creatures here except Reckoner will survive it.
Divination: Some cheap draw power, made much more playable in a deck with Hypersonic Dragon.
Blast of Genius: Draw power and direct damage in one neat package.
SIDEBOARD
Dragon Hatchling: Too frail for creature decks, but a nice cheap control beatstick.
Skullcrack: Perfect answer for Sphinx's Revelation, and a middle finger for douchebags who actually think Maze's End decks are an acceptable form of Magic.
Jace, Memory Adept: Another Control sideboard that provides extra draw power and an alternate win con of milling.
Cyclonic Rift: A Devotion or Token deck's worst nightmare, as Nykthos makes the Overload playable much earlier than turn 7.
Curse of the Swine: In case the opponent like to make it rain un-burnable fatties, it's always nice to turn them into Boars that can promptly be Angered or Rifted.
Rapid Hybridization: Another answer for big creatures that's cheaper and less Blue-intensive. The Frog Beast doesn't scare the creatures or burn spells here.