In Holland there's a ton of Loam decks around, but a lot of those are actually the GWB variant that plays a lot less aggressive and more control centric with Eternal Witness, Deed and STP. I really don't if this version is better than the red one, I honestly don't think so as you lose Devastating Dreams, Seismic Assault and Burning Wish and you gain some mediocre contro elements. Instead of just winning the game you just have to prey you can dig yourself out of the hole created during the first couple of turns. You also lose consistency with the loss of Burning Wish.

I am not sure what all the fuss about Loam lacking consistency is about. While it's probably not as consistent as for example Threshold or Goblins I see few problems. The argument that the graveyard can be shut off and then the engine falls apart counts for every deck. A well timed Deed against D&T also rips the deck apart, does that make it inconsistent? A turn 1 Chalice @ 1 makes life very difficult for Threshold, yet Threshold is one of the most consistent decks. Aggro Loam has little trouble starting up it's engine, but like every other engine it can be stopped by the right combination of cards.
But Nihil Credo has already explained it better than I ever could.

An example of an inconsistent yet powerful deck is Dragon Stompy, which needs the right combination of manasources, all Spirit Guides and Ritual effects or all Mountains is not effective you really need the right mix. Also, it needs the right combination of threats and disruption, all disruption is bad as it allows for a window in which the opponent can draw himself out of the hole and all threats is also bad as the opponent can excecute his own gameplan and is thus very likely to deal with the Arc Sloggers and Rakdos Pit Dragons you throw at him. All Aggro Loam needs is land + Loam and after that threats. And while Loam isn't as consistent as Threshold, which runs card selection to get exactly what it needs, Loam is consistent enough to comfortably compete with the decks to beat.