I would suggest putting in an academy ruins, it's a land, so it's nice like that, and if you pay 2 and tap, you put target artifact in your graveyard on top of your deck. Very helpful for scourglass, you can literally use it every turn if you want to.
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Seem's like a pretty decently planned out deck, but I highly recommend a drowner of secrets and a merrow commerce. Makes all merfolk decks better.
I agree, it's not too special or interesting in the sense that it doesn't have incredibly rare cards, or combos galore, but I've found the deck itself works well under most circumstances. Thanks for the terror correction, and I'll consider putting more land in. Usually, between the basic lands and the scuttlemutts I have enough, but we'll see.
If you can get your hands on one, stick in a broodmate dragon, not the most powerful, but it gives your 2 4/4 dragons with flying for not too much mana. Also, I can't recall the name at the moment, but I have a dragon with devour 2, if you stick in a couple dragon fodders, you just sacrifice those tokens and make him really strong. (Any comments on my deck would be helpful, "Destroy/Steal Creatures")
If you want a big damager JUST IN CASE something happens, stick in a Spitemare and Shivan Meteor. Do Shivan on Spitemare, redirect the damage to your opponent...BAM. 13 straight damage, just in case they've gained a little life or blocked your attackers. (Check out my deck please, tell me what you think, "Destroy/Steal Creatures")
Pretty good looking deck, coming from someone who also has a merfolk deck, and if you can, put a shapesharer in. It lets you make any changeling a copy of any creature for three, and if you put some Ameboid changelings in, you can make merfolk changelings, and copy your reejerey's. Lets you pump up your merfolk MASSIVELY, and also, you can tap or untap the world when you play something. (hey, check out my deck, "Destroy/Steal Creatures")