I always considered playing Drift of Phantasms, Vedalken Æthermage and Swans combo in my izzet deck. Do you like those cards there?
Anyway your list looks fine, maybe with a bit higher curve, I would cut following cards:
Izzet Chronarch+Time Warp "combo" (too slow and clunky imo)
Teferi, Mage of Zhalfir (I guess it protects combo, but other than that its fairly uninpressive in today's standards)
Crystal Shard (too few creatures to abuse)
Tezzeret the Seeker (too few artifacts to fetch)
Comet Storm (again too slow/big mana investment to make it interesting and then it gets so easily Spell Pierced...)
Flusterstorm (seems too narrow/conditional - only guessing as I never really tested this)
Sage's Dousing (is it some part of o toolbox - Æthermage tech? Unless I miss something like this its pretty awful)
Blue Sun's Zenith/Stroke of Genius (again I hope i don't miss any infinite mana engine, but otherwise its too slow/expensive again)
Desertion (too expensive)
Dismiss (too expensive)
Mystical Teachings (only two black manasources)
Suggestions/replacements:
Grim Lavamancer (I always liked utility creatures and Mancer is so good against almost any deck)
Inferno Titan (I copied Titans - I am playing both red and blue - with either Kiki or Twin and its been always gg)
Mulldrifter (I admit I am not 100% sure about this, but again its a critter with very good EtB ability...)
Phyrexian Metamorph (just too good/versatile to pass)
Solemn Simulacrum (See Muldriter)
Sower of Temptation (see Mulldrifter #2)
Spellskite (can be a reason to include Tezzeret, combo protection obv.)
Trinket Mage (SDT #2)
Vendilion Clique (hand disruption is good when playing combo)
Gitaxian Probe (I LOVE this card... I admit I'm a bit biased, but its good to know what to expect befrore trying to cast Twin)
Engineered Explosives (this is so good even in two color deck, also its another good Trinket Mage target)
Anyway your list looks fine, maybe with a bit higher curve, I would cut following cards:
Izzet Chronarch+Time Warp "combo" (too slow and clunky imo)
Teferi, Mage of Zhalfir (I guess it protects combo, but other than that its fairly uninpressive in today's standards)
Crystal Shard (too few creatures to abuse)
Tezzeret the Seeker (too few artifacts to fetch)
Comet Storm (again too slow/big mana investment to make it interesting and then it gets so easily Spell Pierced...)
Flusterstorm (seems too narrow/conditional - only guessing as I never really tested this)
Sage's Dousing (is it some part of o toolbox - Æthermage tech? Unless I miss something like this its pretty awful)
Blue Sun's Zenith/Stroke of Genius (again I hope i don't miss any infinite mana engine, but otherwise its too slow/expensive again)
Desertion (too expensive)
Dismiss (too expensive)
Mystical Teachings (only two black manasources)
Suggestions/replacements:
Grim Lavamancer (I always liked utility creatures and Mancer is so good against almost any deck)
Inferno Titan (I copied Titans - I am playing both red and blue - with either Kiki or Twin and its been always gg)
Mulldrifter (I admit I am not 100% sure about this, but again its a critter with very good EtB ability...)
Phyrexian Metamorph (just too good/versatile to pass)
Solemn Simulacrum (See Muldriter)
Sower of Temptation (see Mulldrifter #2)
Spellskite (can be a reason to include Tezzeret, combo protection obv.)
Trinket Mage (SDT #2)
Vendilion Clique (hand disruption is good when playing combo)
Gitaxian Probe (I LOVE this card... I admit I'm a bit biased, but its good to know what to expect befrore trying to cast Twin)
Engineered Explosives (this is so good even in two color deck, also its another good Trinket Mage target)