The list:

//Lands// (22)
2 Faerie Conclave
4 Mishra's Factory
4 Wasteland
3 Flooded Strand
2 Wooded Foothills
4 Tropical Island
2 Island
1 Forest

//Spells// (20)
4 FoW
3 Daze
3 Stifle
4 Standstill
4 Brainstorm
2 Jitte

//Guys// (18)
4 Goyf
4 Wild Mongrel
3 Ninja of the Deep Hours
3 Looter Il-Kor
2 Wonder
2 Basking Rootwalla

//SB// (thrown together quickly)
3 Krosan Grip
3 Threads
2 Tormod's Crypt
2 Engineered Explosives
1 Jitte
4 Chalice of the Void

If you land pretty much any guy, you are likely to be in a good position with standstill, as against any deck but landstill. Goyfs will bounce/kill anything, mongrel will eat anything, rootwalla trades will all but goyf, and looter will find you more manlands and wastes than your opponent can deal with, all while gaining you supreme CQ.

Otherwise, the deck plays much like old-school fish, with 7 mana denial slots (im including stifle, as if you're not playing against combo you're likely playing against non-basics) 7 counters, beats in goyf and mongrel, and the ability to win with a discarded wonder out of left field.

Flying ninjas win games, possibly drawing a concession faster than an un-morphed exalted.

The 'Why play this deck over thresh' mandatory response:
This deck boasts a more robust mana-denial strategy, more ways to win in a standoff, ACTUAL CA, and more CQ than thresh. Ninja is fucking tits. Jitte wins games that thresh can't win, like a 4 mana bolt that keeps on giving. Looter is one of my favorite newly printed creatures EDIT: my favorite creatures ever printed, and can win games by the CQ he gives, as well as having moderate synergy with rootwalla/wonder. Jitte sticking on a looter is usually scoops. A better combo MU pre-boards (depending on if thresh is running MB counter-top, and how fast they can assemble it)

Matchup analysis: this isn't my CaNGD submission, so I'm going to be lazy and do this (including testing) if/when there is any interest in the deck.

Strengths: Nuetral thresh matchup game 1. (you have jitte/standstill, they have standstill, whichever resolves first most likely wins.) Positive goblins matchup G1. Nuetral-Positive combo matchup. (I'd say belcher is poor-nuetral, Tes is nuetral, and Igg/Solidarity is nuetral-positive.) Rogue, so many people might just mistake you for a UG thresh deck with Mongrel MB, that is until they have flying goyf/ninja whizzing over their head. Wonder > many decks in legacy. Jitte> many decks in legacy.

Weaknesses: It's very difficult for the deck to beat landstill, as landstill is just better suited to win in the late game. Ninjastill can get there, but it needs an aggro hand, preferably one that involves a resolved jitte somehow swinging on a resolved creature/conclave turn three/four. 3 Basics is rough, but the saving grace is that the deck only runs two colors, and has a lot of ways to find more mana, or just plain draw enough CA to fight through non-basic hate.