After looking at the new codex, this was my idea for a list.
Chaos Space Marines Army (1500 Points)
HQ SECTION (155 Points)
Chaos Lord - Terminator Armor, Mark of Khorne, Daemon Weapon Bloodfeeder of Khorne (155 points)
ELITES (734 Points)
Chaos Terminator Squad (10 Chaos Terminators) - 2 Reaper Autocannon, 8 Twin Linked Bolters, 10 Power Weapons, 9 are Terminator Champions (430 Points)
Chaos Chosen Squad (8 Chaos Chosen Marines) - 3 Bolter, 2 Twin Linked Bolter, 2 Plasma Gun, 1 Heavy Bolter (199 Points)
Chaos Dreadnought - Twin Linked Heavy Bolters, Missile Launcher (105 Points)
TROOPS (250 Points)
1st Noise Marine Squad (5 Marines) - 5 Sonic Blasters (125 Points)
2nd Noise Marine Squad (5 Marines) - 5 Sonic Blasters (125 Points)
HEAVY SUPPORT (360 Points)
Havoc Squad (5 Marines) - 1 Bolter, 4 Heavy Bolter (135 Points)
Obliterator Cult (3 Obliterators) - (225 Points)
The quick reasons for each choice:
I Chose the Lord because he is one of the cheapest HQ picks, but with the Daemon Weapon he gets on average around 6 and a half attack per turn, even counting the possibility of rolling a 1. So he could wipe out big chucks of a unit by himself.
I chose the Terminators because they are 10 points each cheaper than good guy Terminators, yet they get a Power Weapon free. By making them Terminator Champions they get an extra attack too, making them very deadly in close combat. I chose 10 because this allows me to field two Reaper Autocannons in the unit, I chose twin linked bolters because it was very cheap to get such a benefit.
I chose the Chaos Chosen because they don't even cost much more than a normal marine, yet they get all kinds of free stuff - grenades, bolter, bolt pistol, close combat weapon, infiltration ability, plus the squad can take 4 special weapons and 1 heavy weapon. Crazy.
I chose the Chaos Dreadnought because the Twin Linked Heavy Bolter seems even better than the Assault Cannon on the good guy dreds. And missiles just add to the carnage. For the same points as the dred, you could not even buy Havocs with equal firepower/survivability. The Dread is like a havoc squad with tank armor.
I chose the Noise Marines because I was very shocked at how good Sonic Blasters are. Seems almost twice as good as a bolter. Even considering the benefits that Plague Marines or Thousand Sons have, the Noise Marines still seem to give more fighting power for less points.
I Chose the Havoc Squad with Heavy Bolters because you never know when you will need to mow down a horde of something or other.
I Chose the Oblitrator Cult because Obliterators are as hard to wound as a Terminator, yet have 2 wounds each. Kind of like super terminators. Plus they can make any energy weapon you need ... and have some other free stuff, like being fearless, deep strike, and an invulnerable save. Basically I felt like for something around twice the cost of a geared up terminator, I was getting something of more than twice the fighting power.
PS Upon rereading the Codex, I am not sure if I am allowed to split the special weapon choices of the Chaos Chosen Squad. Not really a problem though. Either take 4 Plasma Gun and have 2 less Champion upgrades for the Terminators, or take 4 Twin Linked Bolters, and gain another 20 points to play with, 10 of which I would use to upgrade the last Terminator to Champion.