A while back we did a normal Modern Masters draft (non-phantom) and I ended up in Fairies. Turned out to be a decent deck as I went 3-0 winning the draft (yay) and then beat a few non-draft modern decks afterwards.
As I'd like to keep the deck list for posterity before I convert it to fairies 60 I'm putting it here.
1 Vivid Marsh
I & S (12)
1 Spell snare
2 Erratic Mutation
1 Echoing Truth
2 Traumatic Visions (counter or land cycle)
1 cryptic command (first pick!)
1 warren weirding
1 drag down (-2, -2 is fine)
1 Meloku the clouded Mirror
2 Latchkey Faerie
2 Spellstutter Sprite (counter faerie!)
2 Dreamspoiler Witches
1 Thieving Sprite
1 Festering Goblin
I did have other playables, but this was the version that seemed to work the best.