Being board last night I decided to make an army list around the idea of remaking Cypher. I used the new SM 'dex as it seemed the best fit and lets me give him two guns to shoot at the same time. As for the rest of the list, it represents "nice" Fallen Angels and disgruntled members of the two Chaos Legions that got a bum deal in the Heresy.

The three Fallen Angel Squads break in half, with the Heavy weapon in one squad and the Special weapon in the other.

Cypher (Space Marine Captain) @ 160 Pts
Frag Grenades; Iron Halo; Krak Grenades; Plasma Pistol; Power Sword; Auxiliary Grenade Launcher; Artificer Armour

Warsmith Ironsaw (Ironclad Dreadnought) @ 170 Pts
Ironclad Assault Launchers; Heavy Flamer; Hunter-Killer Missile

4 Thousand Sons & Sorcerer Sergeant. (Legion of The Damned) @ 185 Pts
Plasmagun; Heavy Bolter

4 Iron Warriors & Iron Sergeant (Sternguard Squad) @ 125 Pts

9 Fallen Angels & Fallen Sergeant (Tactical Squad) @ 265 Pts
Plasmagun; Lascannon
Razorback
Lascannon and TL Plasmagun

9 Fallen Angels & Fallen Sergeant (Tactical Squad) @ 265 Pts
Plasmagun; Lascannon
Razorback
Lascannon and TL Plasmagun

9 Alpha Legionaries & Alpha Sergeant (Scout Squad) @ 180 Pts
Camo Cloaks; 9 Sniper Rifles; Heavy Bolter w/Hellfire Shells

4 Iron Warriors' Havoks & Iron Sergeant (Devastator Squad) @ 150 Pts
4 Missile Launchers

1500 Pts Total

EDIT: Add a unit of Alpha Legionaries after reading their biog on Lexicanum.

A few suggested points swaps that spring out the page at me

Antubis wrote:Cypher (Space Marine Captain) @ 160 Pts
Frag Grenades; Iron Halo; Krak Grenades; Plasma Pistol; Power Sword; Auxiliary Grenade Launcher; Artificer Armour
Bound by fluff so I won't try to change him

Warsmith Ironsaw (Ironclad Dreadnought) @ 170 Pts
Ironclad Assault Launchers; Heavy Flamer; Hunter-Killer MissileI'd drop the upgrades, or keep the flamer and give him a pod

4 Thousand Sons & Sorcerer Sergeant. (Legion of The Damned) @ 185 Pts
Plasmagun; Heavy BolterI think you'd do a world better with 5 SS and hammer termies for 15 points more. If only they hadn't messed around with the points for weapons so much for them

4 Iron Warriors & Iron Sergeant (Sternguard Squad) @ 125 PtsCould do with a transport, or being made static fire (2 lascannons cheapest place to stick em)

9 Fallen Angels & Fallen Sergeant (Tactical Squad) @ 265 Pts
Plasmagun; Lascannon
Razorback
Lascannon and TL Plasmagun-save points drop the plas to either a melta or flamer, razorback either T/L las or basic (if spare points buy HK missile on T/L las

9 Alpha Legionaries & Alpha Sergeant (Scout Squad) @ 180 Pts
Camo Cloaks; 9 Sniper Rifles; Heavy Bolter w/Hellfire Shells underperform but can be fun..I think a Missile might work better (being tankshocked off objectives, anti skimmer (with the snipers complement)

4 Iron Warriors' Havoks & Iron Sergeant (Devastator Squad) @ 150 Pts
4 Missile Launchers I'm a fan

1500 Pts Total

As points swaps that should involve the same models (nearly) and approximately the same points
Thanks for sharing

I'm not convinced by snipers yet myself (anyone had good success with them?). I agree the sternguard need to be given a role (mobile or firebase as kmb suggests). Otherwise it looks OK to me.

Snipers is just a way of saying versatile, whilst still not really being very good. the main aim of the unit is to sit in 4+ with their+1 and go to ground when shot at by big things so they have 2+s sat on objectives..(yep cowardice wins the game)
Otherwise yes they are pretty poor..its the first time i've seen tacticas on seer get grizzily since the lash (as an example.. I believe that scout bikers with grenade launchers and a power weapon can be good, my opponents(and my own game experience with them) vehemently disagree. Most combos of the scout unit= same..I'll take em.. but I'll take them like possessed (to prove points and gain that illusive moral highground )
It would have been nice to give 1 underused undersold weapon a modifier..such as shotguns, each model using a shotgun counts as +1 BS.So that youreally could give them field roles (e.g. storm plus 5 scouts 130ish points might almost be able to lay down some reliable fire on a good day)