Standard BUG deck - need feedback

I mean I don't see why it couldn't work alright... There appear to be a few sub-optimal choices and you're totally missing your three-drop spot entirely, but I've seen worse work out alright.

The critical question is where are you planning on playing this?  FNM, you might have a shot.  Grand Prix/PTQ, not so much.

So one thing to try and consider is how you would deal with some of the major decks and threats that are seeing play in standard these days:

Decks:  From the sound of the Pro-Tour today, aggro is definitely a thing to consider a LOT.

1) RDW - You have a few low drop blockers, not bad, but in reality, if you don't land something pretty big on curve, you're likely dead.

2) Mono-white aggro - They're going to blitz past you in a LOT of instances and things like Brave the Elements are just going to hose you - nevermind Banisher Priest dropping your big creatures.

3) U/W Control - You have a few options against Verdict, but really I'm not seeing much in the way of an answer in the SB.  If Skylasher and Mistcutter Hydra are your only anti-control cards, you'll want them as more than a 2x of each.

Specific Threats: If you're wanting to look at more specific cards that will be problems...

1) Stormbreath Dragon - I'm game, outside of Desecration Demon, Doom Blade is your only real option.

2) Desecration Demon - This little fella is seeing a LOT of play these days... you have 3x, but outside of that, how do you deal with theirs?

3) Blood Baron of Vizkopa - I'm seeing 1x Warped Physique and not much else.

4) Planeswalkers?  Gods?  I see no answers...

These are just a few things to consider if you're taking it to a more competitive environment.  My suggestion would be to look more toward the BUG list that Frank Lepore has been tinkering with (http://magic.tcgplayer.com/db/article.asp?ID=11427) for some guidance.  His deck is far from perfect, but he's both thought about and played with it far more than I have.  I can say that if you watch the videos, he is quite partial to his Essence Scatters and the role they manage to play... something to keep in mind.

If it were me trying to adapt the deck, I'd likely go ahead and pull Corpsejack Menace (it pains me as I thought he was going to be really good...), and Lotleth Troll (you want to be playing your threats more than discarding them).  If you're going mid-range, you might as well go mid-range. 

I'd suggest Putrefy in the MB and Doom Blade in the SB, as Putrefy just hits more targets to begin with.  Then, in the event you're not playing black, you can easily SB them for the Doom Blades.

You're going to want SOME counters mainboard, why else would you play blue?  Essence Scatter and Negate, although you might be able to get away with Spell Rupture.  I'd also suggest looking into other blue removal like Rapid Hybridization or Curse of the Swine as either could take out a big threat for cheap... swine also exiles, so you could take care of one of the gods.

Again, on its face it looks like the deck could be alright and likely would be fun to play, but against Tier 1 opponents I think you're going to find yourself getting stuck without the answers you need.  So, that in mind, FNM away... but I'd really give it a lot more testing and hard looks before you go to something more competitive.