WillBell

Iroas looks like a lot of fun, out of the ones listed here Xenagos is probably the my favourite (that or maybe Mogis), philosophically Ephara is nice although she could probably use a lesson in fun from Xenagos.

Many people dislike them on principle because in a two-player match they're OP as hell, for 1UU you get a lightning bolt every turn.

Ah, well I hope I've helped a bit. :)

I'd also recommend losing Manta Riders (just not that good, there are better options), Deepchannel Mentor (between Islandwalk and the expensive CMC not worth it), Empress Galina (niche use), Thada-Adel, Acquisitor (niche use), and probably Silvergill Douser.

Silvergill Adept would be a good addition too.

For earlier use of your islandwalk, Tideshaper Mystic over Aquitect.

Under red I might add "Random", for cards like Guild Feud that are just completely out of the left field and have strange and neat effects.

Quicksilver Amulets would be a good addition. Perhaps take out Archetype of Endurance for it?

I say it's slow. :p
There is a reason most people cheat Eldrazi into play. And 20 forest are probably not enough, and you've got an excess of Eldrazi - more than you need.

Alas that isn't much help in this deck at least, I'll take a look at yours!

The combo he's working for in this deck is based on Fathom Mage.

Depending on how much you want the flash, I think Trollhide might be a better bet than Feral Invocation.
Also:
-2 Ordeal
+2 Hero of Iroas

I like that the deck now has Chromatic Lantern and Fabricate, but I doubt that you'll need 7 Fabricate (3 in main deck, 4 in sideboard). ;)
Still could use some counter spells...

I'd suggest Swan Song, it will not be too problematic most of the time and it is a very cheap counter (mana-wise that is).

Chromatic Lantern, Fabricate, and some counterspells are must haves.

Roxasofthemist has been detained for questioning.

I am not a big player of blue devotion, but it seems to me that this deck needs more devotion to work Master of Waves to its full potential. I don't know what options you have in terms of blue-intensive devotion, especially considering you're more than half red mana, but this seems like it needs more.

I'd add Merrow Commerce, it could certainly be useful. Tideshaper Mystic perhaps as well.

I agree with Trollking, in any other situation Hunted Horror is great but this deck is mono-black...

A search of Gatherer brings up Gate to Phyrexia, and Phyrexian Tribute.

-4 Armadillo Cloak to get into modern
+4 Silhana Ledgewalker to help against removal, and to increase the # of babes in the deck :D