"How does the deck function?"
Evoke Mulldrifter or Ingot Chewer + Undying Evil = double ETB trigger + a big beater
Augur of Skulls + Undying Evil = 4 for 2.
Gurmag Angler & Striped Riverwinder are the bombs and Undying revives them when they die to removal (edicts) or blockers. You get them out of the graveyard with Exhume.
I cut Ulamog's Crusher because it bricks hands and is too slow.
Cathartic Reunion and Faithless Looting are your main card draw.
You generally always discard Crusher, Riverwinder and spare copies of Looting and Reunion.
Also lands, if you don't need any right now. You can also discard Supernatural Stamina, if you already have an Undying Evil in hand.
If you have to decide between discarding Mulldrifter or Ingot Chewer, rather discard the Mulldrifter (because of the higher evoke cost), unless you already have enough lands and don't need the artifact destruction.
Terramorphic Expanse and Ash Barrens are tricky, because using them wrong can get you color screwed. What you fetch for highly depends on your starting hand. In general though, you want to beginn the game with either Faithless Looting or A Terramorphic Expanse into red or black.
"What do you board out?"
Creature Removal or Artifact removal. Be careful with the Ingot chewers, you will need them against people boarding Relic of Progenitus against you.
The sideboard is admitedly the decks greatest weakness, because you can't just board in 8 cards, only about 4.
How good is this deck?
At the moment it still struggles a lot with the consistency and speed. It is still a little too slow to compete with Kiln Fiend or Burn.
The Exhume plan is inconsistent, because you only have 4 Exhume and no further reanimation spells that can revive crusher. So you have to play Shred Memory, but transmuting it costs 3 mana and only transmuting something is not what you want to be doing.
This is why I moved away from focusing too heavily on Exhume.
The Cartouche of Ambition is pretty much necessary for many matchups in order to not get swarmed. It will let you win the damage race against Delver for example, even if just put on an Ingot Chewer (turns it into a 5/5 lifelink if cheated in with Undying Evil). However I am not certain how many copies of the Cartouche should be run - you need a target after all.
