First of all, I think saw this as a submission at the Dojo (am I right?). I am currently looking at U/W Control as a steady 'bread winner' for the current T2 environment.
About your submission:
4x Counterspell
4x Absorb
So far, I like!
4x Foils
hmmmm, I have my deck set up with a split between 2x Foils and 2x Thwarts. They have great synergy between them and only using two each doesn't hurt too much in the mana dept. (also, there's the new Lobotomy mentality going around, spook-kyyyy)
2x Teferi's Moat
Good, good. I run 1x Teferi's Moat and 1x Story Circle.
3x Parallax Waves
humph! I dunno. Seems a bit out of context, but hey, that's just me.
2x Hanna, Ship's Navigator
I forgot what she does and therefore do not know how she makes your deck efficient, sorry
2x Megeta, The Lion
I really want to put him in my deck, and I don't have a real excuse not to, but I think he's an excellent choice, bravo!
2x Samite Archers
2x Wings of Hope
Well, I'll just say it, "Why?" With Megeta in the deck and a sort of ample supply of counters, you can use these spots for better stuff, like Rout or Wrath's or more countermagic. Maybe it's a Hanna connection that I missed.
2x Air Elementals
These guys RULE! I think they're the best BANG for your buck (or mana)in the "Beatdown for Blue" category. I use only one though
.
2x Rishadan Airship
I keep forgetting which one these are, are they the 3/1 flyer or the 3/3 flyer? Either way, I use 1x Jeweled Spirit and 1x Blinding Angel. Again, is it a Hanna thing with them?
2x Seal of Cleansing
To each his own, I use two Dismantling Blow (you know, for the two extra cards thing).
2x Fact or Fiction (The best Rare that's not a Rare in the set!!!!) I only use two too, I have deck myself more than once because of them.
2x Spirit Links
um,......is this a T2 deck or wasn't I paying attention when I read your post? Oh well, I don't think they exactly fit the bill anyway. If this were T2, then I would suggest the gold card Vanishing Vapors, reveal 3 cards , choose one, gain some life and a card.
2x Rootwater Thieves
I have two in my sideboard!
26x Lands
24 would suffice, especially if you ran 4x Adarkar Wastes and a Kor Haven (you know, for those times when your opponent is keeping you busy with weenies, OY!). The Coastal Towers are good too.
Well, it'd be cool if you could tell us how this deck fares for you in casual and/or tournament play, because U/W Control ROCKS (well, that is, if you're demented like me who drools over TS and Stasis decks), and we'd all like to hear a success story from this deck, too.
Good Luck to you!
BTW, I was right about the Dojo, wasn't I?