I've generally been happy with Spellskite. The last time I played the deck it ate a Pridemage that would have otherwise killed off one of my combo pieces. It also acted as a wall which slowed my opponent down til I could combo out. As for Misdirection, I like it better as a sideboard option due to the limited uses. Sure its nice when you redirect your opponent's spells to hurt them instead, but quite often it can be a dead card or a pitch card to FoW (Does nothing against Pridemage, Natural Order or SnT for example). Granted Spellskite doesn't do anything against NO or SnT either, but it can be used with Transmute Artifact, Thirst and Welder to get something more useful at least.
In that same Match (Game 2 though) Transmute Artifact ended up being the MVP. My opponent had 2 Pridemages and TA resolved getting me Pithing Needle which shut down the Cats.
Current List I'm running:
2 Island
1 Mountain
3 Volcanic Island
4 Seat of the Synod
3 Great Furnace
3 Ancient Tomb
4 Scalding Tarn
1 Flooded Strand
4 Goblin Welder
4 Painter's Servant
2 Spellskite
1 Wurmcoil Engine
4 Brainstorm
3 Mental Misstep
3 Transmute Artifact
2 Thirst for Knowledge
4 Force of Will
3 Mox Opal
1 Tormod's Crypt
3 Sensei's Divining Top
4 Grindstone
1 Ensnaring Bridge
Sideboard:
1 Mental Misstep
3 Red Elemental Blast
2 Ancient Grudge
2 Blood Moon
2 Pithing Needle
1 Ensnaring Bridge
1 Nihil Spellbomb
1 Myr Battlesphere
1 Duplicant
1 Phyrexian Metamorph
The last 3 spots of the SB are flex spots and change depending on what I think I'll need for the night (Llawan, etc).
For me, I'll have to replace the Missteps with something Blue to keep my blue count up, so I was considering Spell Pierce or Flusterstorm depending on what becomes popular in my meta.
Also semi-considering 1-2 Laboratory Maniac as an alternate win condition. Or possibly 2-3 Vendilion Clique and taking out the Wurmcoil from main.
Edit While Posting:
Looking over the Innistrad Spoiler, would this be worth considering:
Memory's Journey 1U
Instant
Target player shuffles up to 3 target cards from their graveyard into their library.
Flashback: G
Seems like a decent blue card against Dredge early on and can shuffle back stuff from our own graveyards (Mainly non-artifacts).

