More than two and a half years into playing the game, this remains a favorite deck. I've made lots of different versions of it. This is the current basic version. The main feature of this version is that all the uniques (save, of course, the heroes) have been put in the sideboard, so as to make this better able to combine with anything.
This deck works very well with other decks which take some time to set up: this gives you decent questing & attack and very good defense from round one, without playing any cards. It can usually buy you a few rounds. I've also loaded it with basic cancellation, since fancier decks often lack those (including Dwarven Tomb to recycle as needed).
The sideboard is big for adjustments by scenario and partner decks. Arwen Undómiel and Glorfindel are worth finding room for if no one else is using them.
Mulligans are quest-dependent, of course, and the deck is designed to work well regardless, but the best cards to see are probably A Test of Will, Gondorian Shield and Elven-light.