I'm amazed at how many mages ow longer use arcane explosion. Running a lock with a bunch of low health mobs and blood imp to improve them. A simple explosion not only weakens my guys but kills the imp, but not once the last half a dozen play sessions have I come across a mage that used one.
I use it. I think I have the following spells:
2x arcane missles
2x frost bolts
2x arcane explosions
2x fireballs
2x blizzards
1x cone of cold
1x polymorph
2x flamestrike
2x arcane thoughts
That's 16 spells. The rest is minions.
2x kobold geomancers
2x ogre magi
2x dalran magus
2x arch magus
Those are my spell power cards. Really wish I had Malygos dragon, but I don't. That's 24 cards. Rest is filler that could be swapped around some. Here is what I current have.
2x gurabashi berserkers
1x gadgetzan auctioneer
1x chillwind yeti
2x sejuin whatever they are called (3/5 taunter card)
That's basically my mage deck that can blast damn near everything I've had it come across. The only times I lose with it are when I get all my high mana draw cards up front first and keep drawing them. I have a bunch of 4+ mana cards. I rely on the hero power to take out the initial minions the opponent hit the board with. If I start with an arcane missile and/or frostbolt from the get go to get me beyond the initial 5 rounds I don't lose. If I draw only higher casting cost cards and the opponent is playing a speed deck, I'll lose. I found though if I takeout my late game winning cards for more early power, I don't win nearly as often.
So if I get screwed on the draw, I only hope the other person lets me make to round 5 with over half my health. If I do, chances are I'll still win in the end. It's fun dropping a few +spell damage minions and then an arcane explosion to wipe the board of whatever the other player has and then keep it clear. Between blizzards, arcane explosions, and flamestrikes, the opponent usually can't keep a minion on the board late game. If they were able to deal enough damage early on and have either some good direct damage or high damage minions with charge, most opponents can't beat the deck late game.