So what does it even do?  Well (spring), it draws cards.  Lots of cards.  As a guy who always seemed to draft the all Darkslick Drake deck in triple Scars, I have a soft spot for the drake, and abusing its graveyard trigger is fun.
Occasionally you get the nuts beatdown of turn 2 Surveilling Sprite into turn 3 Piston Sledge, wailing on a random person for awhile.  (Turn 4 second Piston Sledge works too.)  But the main thing is that your Sprites and Drakes set up your defenses while the Wellsprings and blockers draw you into whatever you’re looking to do that game.  Piston Sledge can reuse your Wellsprings in the midgame while enabling recurring Spines in the endgame (which is one of the major plans here).  The other endgame is using Proteus Staff (which has surprising defensive value) to chain Phyrexian Ingesters/Body Doubles once the Sprites and Drakes have done their defensive duty, spending a few mana every turn to deal with the nastiest creatures and eventually swing.  This plan also allows multiple Proteus Staves to be useful rather than redundant; two of them means I’m probably going to be exiling the two best creatures on the board every turn, which gets the job done in a long multiplayer game.
The real glue here, however, is Read the Runes, which I built around to be absurd here.  Since it’s an instant, you can cast it after you block with the things you intend to sacrifice.  On turn 4 in a large multiplayer, I blocked with a Surveilling Sprite, then cast this to draw 3 cards and sacrifice the Sprite and one of each Wellspring (i.e. drawing 3 more cards) rather than discard.  I don’t remember the exact board, but I do remember drawing 6 cards for 4 mana at instant speed, which is even better when the Wellsprings already gave you cards.  It’s no coincidence that decks with 8 Wellsprings showed up all over the Scars of Mirrodin block Pro Tour earlier this month; if you have something to do with them they’re high-quality.  Here’s as good a place as any to show that off.