I played in a small (8 player) type I tournament a few days ago.
I used my fast blue.

4 Morphling
4 Fact or Fiction
4 Mana Drain
4 Counterspell
4 Force of Will
4 Treachery
4 Powder Keg
1 Time Walk
1 Ancestral Recall
1 Grim Monolith
1 Black Lotus
1 Sol Ring
5 Moxes
22 Islands
SB: 4 Annul
4 Wasteland
1 Strip Mine
4 Blue Elemental Blast
2 Misdirection
The purpose of this deck is to cast Morphling as quickly as possible. Used all
the artifact mana and no wastelands to have a faster, more reliable mana flow.
This is a bit of different way of playing blue, I prefer the speed over the
slower versions. 

Round 1: G/W Enchantress 
This wasn't really a type I deck, but the guy played as well as he could. First
game I stole his auratog and two femeref enchantresses and attacked with all
three of them for the kill, sans Morphling. Kind of unusual way to win.
Game 2, he starts to attack me with auratog. A few turns into the game, I cast
fact or fiction and came up with some good stuff. I treaacheried an elvish
lyrist that he had just played (couldn't steal the now-rancored auratog because
he would have just lyristed the treachery). I used the lyrist to chump the
auratog. I was at 10, then I played a morphling, which held off the auratog,
which he could only make into a 5/6 maximum. I keep attacking with morph, and
with the threat of him untapping and blocking, the game ends quickly.
1-0, 2-0. 

Round 2: Mono-White Control
This guy is an excellent player who knows this deck very well. I think this
mono-white deck is one of the easier matchups for my deck though. The only
cards I have to worry about in the first game are Story Circle and Sacred
Mesa. I let him use land tax and other card manipulation stuff, saving my
counters for the dangerous stuff. 
I cast a third turn Morphling, I think with a lotus. From there I counter a
story circle, a mesa, and then the same story circle off an argivian find.
Game 2 I used my sideboard for the first time, siding in the annuls and
taking out the treacheries. Another easy game, I cast a quick morphling, and
once again fact or fiction repeatedly. This deck is glued together by Fact of
Fiction. Once again, I countered a bunch of mesas and story circles. At one
point it looked like he could push a story circle through, but I annuled it
with my only blue mana. Well played by my opponenet but I had too many
counters. My deck has still never lost a game to this archetype. It is a
perfect matchup, as they put no pressure on an already fast blue deck, and
there is an abundance of counters to stop the only must counter spells. I am
not a big supporter of the mono-white deck, but I can definitely see its merit
in a lot of matchups(like sligh). 
2-0, 4-0. 

Round 3- Finals: Keeper
This deck had most of the power cards, and we were dealing with an impending
counter war, but I was secure in the knowledge that I have more counters and
more mana. He is a pretty slow, thoughtful player. The only problem I see in
this matchup is my first game dead cards like treachery, but I knew he would
have dead cards too. First game, I draw a bunch of moxes and I am all set with
a couple of fofs and counters. But we are in the waiting game. We just play
lands and say go for about ten turns. But in that interim, I had managed to
sneak through a fact or fiction at the end of his turn. 
The fact that it resolved started to tell me that 
he was hiding behind a subpar hand. With about 12 mana out (including lotus),
I decided that he was bluffing and probably had a bad hand. Sure enough, my
Morphling resolved with only one counter needed to protect it. By this time,
I had also gotten two powder kegs up to 5, which now seemed kind of silly since
I had the morphling. From there I just countered everything, including an
attempted ancestral recall. This was a fairly easy game after I realized that
he was hiding behind a marginal hand during the waiting game. 
Second game, I get aggressive siding in the annuls and wastelands, as well as
the misdirections. The wastelands allow me to attack his mana base, which had
no basic lands. The annuls and misdirections were in to win the counter war
over his expected SB cards, d-scepter and COP Blue. This looked like an easy
win for me , as the wastelands increased my mana count, which would seem to
help me win the waiting game. 
Early on, I destroy some of his lands, but he gets off an ancestral. Meanwhile,
I fight back with an Fact of Fiction and the game goes back and forth. Finally,
I cast a Morphling many turns in, with him only holding two cards in hand. But
my only card in hand is Force of Will, and I don't have enough mana to cast it.
I thought he was out of counters, which is why I cast morph. I was right. But
he did have a COP:Blue......Third game we go back and forth with land playing
and saying go, but he is short on mana, and I am not. 
I continue to attack his lands with wastes, and I cast a morphling after we
have mostly depleted our counters, me countering various tutor spells, and he
countering some of my fofs. Earlier, I had annuled his scepter. Before I had
cast the morphling, I had cast a time walk. I now looked to be in control of
the game as I untaped and started to beat him up. But I only had two annuls as
my counters in hand. I get him down to 5, but sure enough with only 2 mana out,
he balances just before he would have died, and annul is useless in this
situation. I am surprisingly (Not to me though) unfazed, much to his chagrin.
We each have 5 cards in our hand after balance. I recover rapidly with mana I
had been holding in the event of a balance. A fact of fiction and and a few
turns later, I have another morphling out, with 3 counters in my hand, fow,
fow and mana drain. He can do nothing as I fow and annul his final attempts to
survive. I like the keeper matchup for this deck. Just counter any of his key
spells, like blessing, and then count on a morphling arrival after most of our
counters had been depleted.

So I end up 3-0, 6-1 to win this small tourn.
Comments on the deck style or the games apprec.