Phyrexian Metamorph doesn't target the creature he just comes into play as a copy of the creature, you wouldn't have to sacrifice an illusion if that's what you're thinking. Gamer64 is right, Phantasmal Abomination is too risky to run, you're gonna lose too much advantage if they target it, plus you can't attack with it, it's just a bad play. I must also agree on cutting Summoner's Bane to 2, it's just far too much mana to keep untapped, I would probably replace with Spell Pierce if it were me. I also suggest Preordain over Ponder and I would try find room for 4.
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mcflyguy, I'm afraid you are incorrect, as soon as the spell is cast the triggered ability from the illusion, to sacrifice it, is put onto the stack. In other words, before you can use Spellskite to redirect the spell the triggered ability has already been put on the stack and the illusion will have to be sacrificed regardless of whether or not it remains the resolved spells target. My opinion is that Spellskite should have a place in the sideboard against Exarch Twin and RDW [to protect your lords) but to having it in main is just taking up slots. The Ponder/Preordain argument is a matter of personal preference. From what I have read the general consensus is that if you are running fetchlands Ponder has a slight edge over Preordain but if not Preordain is better. Personally, I prefer Preordain because scry has the ability of getting rid of unwanted cards like unnecessary lands when you want a creature. For example, today I was playing a game where I played Preordain and the 2 cards I looked at were both islands so I put them to the bottom of my library and removing the cards I didn’t want cleared up the rest of my draws. Had that been Ponder I would have been stuck after rejiggering the card I wanted on top and drawing I would have then only drawn land for two turns essentially putting me back two turns.