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Since tournament level Magic has become popular, one of the withstanding deck
types in most every environment has been mono blue control.  It provides
simple answers to your opponent's threats with countermagic, plus cards that
can control permanents, then, a big creature that will finish the game.  Mono
blue control can always be considered a viable archtype, because cards will
continually be printed that can support it.  In the current Type 2
environment, there aren't any real popular mono blue decks, aside from skies,
that have emerged, however, it can possibly be a very good choice for
Regionals.
     The first thing that it must contain is countermagic, the very life of
the deck.  With Coutnerspell, Thwart, Foil, and Memory Lapse being pretty much the only choices for effective counters, they will all have to make the
cut.  Due to the holes in effective coutnermagic in the card pool, alot of
card drawing is recquired to ensure that you will always have an answer to a
spell.  Accumulated Knowledge, Opt, and Fact or Fiction are all good choices
for this.  Some kind of way to deal with permanents that have slipped through
your countermagic is also needed, and what better way than good old fashioned
Boomerang?  It can return River Boas that were cast on turn 2, then counter
them when cast again, it can return Saproling Bursts if you cast an Air
Elemental and can't cast a Counterspell that turn, and many other things.
Finally, you need a card to kill your opponent once you have gained control
of the game, and what better canidate than Air Elemental? So, here's a rough
draft of what a good mono blue control might look like:

4 Counterspell
4 Thwart
4 Foil
4 Memory Lapse
4 Accumulated Knowledge
4 Opt
4 Fact or Fiction
4 Boomerang
4 Air Elemental
1 Misdirection
23 Island

     Due to the high amount of card drawing, excessive land isn't needed.
With 23, you can use early card drawing spells to get the land when you need
it while thinning your deck, so your draws in the late game won't have too
much land in them.  Memory Lapse, often considered a weak choice for a
counter, is perfect in this deck.  Memory Lapsing a spell not only holds them
back one turn, but gives you one more  turn to draw an answer for it, which
in this deck is pretty much anything but land, as your card drawing  spells
will probably find a counter.
     This deck can take on pretty much anything in the field, with Glacial
Walls in the sideboard, it can  easily beat Fires, with Wash Out in the
sideboard, Rebels is winnable game 2 and 3, and vs. Turbo Haups  Thwarting an
Obliterate can set you up to recover faster than they can and find an answer
to Spirit or Idol.  Against everything else, it can just find answers to
anything they cast, then gain control of the game, whichis why mono blue will
never die.  Hopefully if you take this to regionals, you do well.  See you at
Nats!