Now, I got the Space Wolves codex in the mail last night (No FLGS out here in the Minnesotan Tundra) and took the liberty of making a couple lists. And I've got to say it doesn't live up to the hype for me. Sure, you can field four uber psykers and some super killy troops. Sure, you can field an all-terminator army. But I don't think it will be enough. If you do max out the super killy units (whenever it's discovered), you're reducing your model count by a huge margin making it even easier for more balanced armies to just table you with even one or two lost units.
Now, JotWW is a super cool psychic power. But by getting more than 2 rune priests, you're going overboard. Remember - JotWW does not affect vehicles. What style of army is 'in' right now? MECH! Every tactical marine/commander/Khorne Berserker/Plague Marine/Sorcerer will just laugh at you from inside their Rhino. And oh wait, you spent about 500+ points on just four models? Meaning that couple lucky missile launchers or whatever can just finish you outright. That's fantastic.
Remember back in the day when Nob Bikerz were the king of the world? Well, think of that, only instead of two squads of Nobz, you have 3-4 squads of Marines. Marines are easier to kill, lucky you...You just need to stay out of arm's reach or failing that, feed the Wolves a unit and finish them off next turn.