To be honest, Grimnar making Wolf Guard into troops would be stupidly good, although it would be a good example of codex creep as Ravenwing get ousted by White Scars who get ousted by Wolf Guard Bikers (and if you want a laugh, compare the Deathwing Standard and the Wolf Standard).
I'm undecided. Space Wolves now look like Codex: Space Marines, except everyone is also better and can bring melee options but at the cost of some of the utility (no Combat Squads; I haven't seen anything about reserve manipulation yet; and the Tempest Discipline doesn't look as good as Biomancy, Telepathy or Divination on Tigurius).
They look like they'll deliver a really, really nasty alpha strike as a Drop Pod army, and then keep on hitting you all game. Hopefully Blitza-Bommas will really come into their own as dropping a Str7 AP2 Large Blast seems a good way to get rid of their infantry, but I'll have to experiment.