I see people saying that Armored Ascension is questionable in a deck with only 12 Plains, but it's the evasion that makes this thing worth it. People are paying four mana for +2/+2 with Vigilance through
Marked by Honor and no one says a thing, but I'd take +2/+2 and flying over that all day. You are going to have at least two Plains in play and if you have more then it only gets better. The reason flying is so powerful in this deck is mostly because of Truefire Paladin and Brimaz; these guys attack and block like monsters and are virtually impossible to get through for some decks. Then you also have Hero (who gets huge, so he loves evasion) and Wrecking Ogre because evasion plus double-strike is usually just game over.
I get your point about Banisher Priest, but you have to remember that this deck is running three copies of Gods Willing. He is very easy to protect from removal, he triggers Mentor, and he's a body. I've used him on T3 to exile a token and suited him up after that with no fear of some monster getting released if he dies. Obviously that's not an optimal line, but sometimes you get bad draws and it's an option you have. Fiend Hunter would be immensely better, though, I agree.
The Caracal isn't the hottest, I understand, but he's a white one-drop so he fits the curve nicely and lets you start enchanting something and attacking with it as early as T2. Caracal into Ordeal is a very strong start against most decks, and the lifegain isn't irrelevant.