So I got the new codex on saturday and have read it from cover to cover at least twice. All I can say is that I think the codex is really good. The fluff in the codex is well written and there is some humour in there as well which really helps give the Space Wolves that rebelious feel to them. The saga's that can be given to the characters also help to make them feel more like a none codex chapter and add a real element of fun to the codex with the oaths that are attached to each saga. It helps to make you play to the spirit of the wolves by making you want to keep the oath and not break it and bring shame upon your character. I think these could be worked in to a cmapeign somehow or a similar idea could be used, i'll have to think a bit more about that one.
The army list is also very good. The named characters are exepensive but also add more flavour to the army while the unnamed HQ options allow you to create your own characters that will create their own saga's as you play and hopefully win with them. Again this adds a fun element to the Space Wolves. The thing i've noticed while reading the army list were the amount of different builds that ran through my head as I was reading. This has made me think about all kinds of different tactics I could use that I would never have considered before. So for me it has really opened up the possible options to build some fun but fairly competative lists I think.
Another thing i've considered is converting some Thunderwolf Cavalry for my army possibly using the Bloodcrusher as a base for the model. There would be alot of work involved probably and my sculpting isn't exactly great but its something I'd deffinatley like to give a try at some point.
Another interesting thing i read in the codex on p61 in the section about terminator armour is that models which have terminator gain the Relentless universal special rule (I don't know if the normal space marines get this too, I assume they do). That makes Wolf Guard in terminator armour even more deadly as it will alow them to move, shoot all weapons, including heavy weapons (assault cannon), and then assualt as well. Now that sounds deadly. This bonus will also be gained by any characters in terminator armour which is useful if they don't have a ranged assualt weapon.
On a side note I have started painting my Njal model and am maybe half done. Hopefully I will be able to get some good pictures taken when he's finshed and post them here for all to see.