Well phase shields block everything, wings block about half of things. And the damage isn't really necessary. It will probably have 2-3 recluses early on, and then 1-2 phase dragons mid-game. All that time it's practically unscathed. Also, it will probably often have a lot of dead cards, which means slower drawing, which means easier to deck out the opponent.
It's all theoretical though... but I would imagine it would be difficult to beat with any of the popular anti-FG decks. There's just not much of a way to test it.