I've acquired and read at the SW 'dex, and the first thing I can tell you is that no, the sky is not falling. Stop running around, screaming, and otherwise doing things Chicken Little might; you're only looking like a fool. Other people have noted (...I'd link to them if I could recall who) that this kind of shake-out happens every time a new codex comes out. So, here's a short take on them.
Man, I Like 3's in my statline
Your assault marines are WS/BS3
Your bikers are WS/BS3
Your Blood Claws (pistol/CCW maniacs) are WS/BS3
You know what else this WS/BS3 gets you? The 'Headstrong' rule. Are you within 6" of your target? Yeah? Then you don't get to shoot. You have to charge. Well, the bright side, I guess, is that you have the 'Berserk Charge' which grants you +2 attacks on the charge instead of one.
It's more comical when you realize that these troops can take 1-2 flamers/meltaguns/plasma pistols, too. Not gonna get a lot of use out of any of those, are you? Between BS3 and maybe not even getting to shoot it, you're kind of hosed on these options. At least, I know I wouldn't consider taking the bikes; the 'vanilla' Space Marine codex does bikers much better.
If you bring a Wolf Guard, then you can at least ignore 'Headstrong' as he apparently yells and/or beats his troops into line.
The Veteran Mechanic
You'll note that none of your entries have a 'veteran' type guy. Instead, you take Wolf Guard. On the bright side, these guys are highly customizable; there's a page of options here that would make most other HQs jealous (and in turn, SM HQs have even more options).
This is also where you get your Ld9 into a squad. That's right, all the guys that can take a Wolf Guard (and only one, mind you) have Ld8. Ld8 means a 72.2% chance of passing your leadership check, and Ld9 means 83.3%. Considering Counter-Attack requires a ld check, I'm a little more inclined to go towards the Ld9.
The other big option is that if you want someone with a decent number of powerfist attacks, it's a vet. All the other guys have pretty much 1 base attack, and while the crazy newbs get +2 on the charge, the Grey Hunters are kind of 'eh', unless counter-attack triggers.
Still, the basic Wolf Guard with a fist is 38 points, which isn't bad, but still is a little 'eh'. But, that's not the real cost of the Wolf Guard.
Grey Hunters, Transports, or I Hate My Vet Sarges
So, let's say you want your actual marine stat line. You get the Grey Hunter, who comes in units of 5-10. He has the 4's where you want them, and packs the 'supergrit' option of bolter, bolt pistol, and CCW. So, he can pistol you, then charge in with three attacks, and effectively has two 'base' attacks.
You can get a flamer for free, or pay a little for a meltagun or plasma gun. If you have ten grey hunters, then you get a second special weapon for free. You can also take a power weapon or a powerfist, and maybe even hand out the Mark of the Wulfen (d6+1 attacks instead of normal, and gain rending. Ok, I suppose. Not sure I'd use it here).
And, so, we have our merry band of 10 Grey Hunters with two meltaguns, and that costs us 155 points. We go to buy a Rhino, and a Wolf Guard, and...wait, we have to give up a meltagun to fit into our Rhino. Um. Great. I guess we weren't planning on using our troops to blow up transports, but then again, did you really want to? Seems like a great way to trade troops.
I've Seen You Before...
The following are pretty much pulled from the space marine codex, so they're known quantities:
-All three Land Raider types
Nothing new to see here in the stats; it's a change of what else is in there supporting them.
...but you're something new
Cavalry units in space marines? Yeah. You've got it now. 6 + d6 + 12" charge is fun, and might actually get you there on foot. You can get the following as cavalry:
-Thunderwolf Cavalry (fast attack)
-Fenrisian Wolves (Fast attack)
-Iron Priests (can ride a Thunderwolf, and take some Cyberwolves)
-any HQ that can take a Thunderwolf (Canis Wolfborn, Wolf Lord, Wolf Guard Battle Leader)
Additionally, some HQs can take Fenrisian Wolves as 'equipment', though it's forming their own unit and unless Mr. HQ is cavalry, he's kind of just made himself a target with a couple extra wound markers. Good job, him.
I need a hero
You can take up to four HQs. I'm not sure this is always prudent, but at least it's not compulsory. You cannot carbon-copy HQs, either. No identical sagas, no identical psychic powers, no identical wargear loadouts.
You can also readily spend up to 180-290 on a named HQ. So, theoretically, half your 2,000 point army COULD VERY WELL BE heroes, though I'm not sure I'd really recommend that.
Break out the arms...
The armory includes some neat little wolf-specific items. I'm not always convinced of their utility, mind you. Some highlights include:
-Wolf Claws (as lightning claws, but choose: re-rolls to hit or wound. Not such a big deal)
-Runic Armor (artificer armor's 2+ save with a 5+ against psychic wounds. Big deal)
-Chooser of the Slain (when I touch on psykers, you'll see why you should never leave home without one on your Rune Priest)
-Mark of the Wulfen (get d6+1 rending attacks instead of your normal ones; doesn't benefit from wargear. Not sold on it yet)
-Wolf Tail Talisman (If you/your unit are targeted by a psychic power, on a 5+ you nullify it)
-Wolftooth Necklace (always hit in melee on 3+; depends on who has it)
-Wolf Standard (re-roll CC misses that show a '1' for one assault phase. Big whoop)
I've got a story for you...
Sagas are upgrades for HQs. You can only take each saga once per army, unless it's a named guy.
The Wolfkin (Wolves/cyberwolves have I5, Ld7)
the Bear (gain Eternal Warrior)
Majesty (any unit w/in 6" can re-roll failed morale tests)
Hunter (character can outflank, gains 'Stealth')
Warrior Born (get a bonus number of attacks in this assault phase = to how many you killed last phase)
Beastslayer (re-roll failed to-hit rolls vs walkers, monstrous creatures, anything with T5+)
Iron Wolf (any vehicle you're in can get an extra d3", +1 to your repair rolls)
Mm, fluff. Wolfkin goes nicely for cavalry armies. The Bear is decent if you want to hunt bigger game, though Beast Slayer is neat. Warrior Born is cool if you're in an assault for more than one phase. Iron Wolf is 'eh', since it's pretty much the techmarine saga.
This is a first impression; I'll later give some reflections on the HQs and the psychic powers. I'll tell you this now: the psychic powers are not the end of the world, nor are the wolves' psychic defenses. They just have a pretty decent set of wide-spread psychic defenses.