Basically a different take on Delver that I made for getting back into magic, using only cards from Innistrad and 2013 since the rest are being rotated out in a couple months I don't want to spend money on them. I would put 2 swords in for the 2 runechanter's for 2 months if I can pick 2 of them up Friday in trade.
Sands and Jace are there for the consistent mill, undead alchemist is kind of for that through the zombie tokens but they are mostly for defense. Dissipate is there to add a bit of control.
Also thinking of adding 2x Talrand, the Sky Summoner instead of alchemists for defense. Also not sure what to put in sideboard, though thinking needs some form of creature control for heavy aggro decks there.
Also, have you considered sweepers, or at least partial bounces like Devastation Tide and the likes?
For mill concepts, I'd prefer to find a way to throw in a card:Grafdigger's Cage or two for main board, what with all them snappies and flashbacks running around in the meta right now.
the Cage will hurt your own deck. you want to use card:Tormod's Crypt for that purpose
Tormod's Crypt does look like it could be good, possibly as a sideboard card. As for Delver vs Fog Bank, it is actually more of an offensive mill deck. With a decent hand I can easily have a 3rd turn delver + 5/5 jace's phantasm with possible kill on turn 5. In playtests depending on hand/draws I can kill with damage between turns 5-9, and the earliest mill out is turn 6, average is 8-9 for that.
Bounce wise, I actually need to add in my sideboard, I keep forgetting (I have it at home, at work atm) but it does have unsummons in there and devastation tide is a maybe. I have also considered mist ravens as well but am uncertain on them.
I have considered running it more defensive and putting in the fog banks but haven't had a chance to test it yet.
Devastation Tide will save you more than you might think. I run a similar deck, and it kept my opponent from connecting when I didn't want them to. Vapor Snag , or at least Unsummon will protect your own guys/deal with large early threats. card:Tormod's Crypt is a must in the sideboard. Otherwise a single Invisible Stalker with card:Runechanter's Pike will ruin you.
This looks more control with some mill aspect. If you want a mill deck I think you should cut some stuff and focus more on stalling and milling, this seems like the mill wouldn't get going fast enough for it to win with mill, it looks like it would win with delver and control.
why you no run Talrand, Sky Summoner its a great defense card with so much instances and sorceries your playing mill someone and get a 2/2 flyer sounds good to me :)