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Space Wolves aren't balanced...GW was going crazy with underpricing all the units in the book.

coughcough...screw longfangs...coughcough

Which are balanced by the fact they're the only source of man-portable heavy weapons with no ablative wounds. As Codex Blood Angels shows us, the problem isn't so much with Long Fangs, but rather that the heavy weapons are too expensive in Codex Space Marines.

Grey Hunters are balanced, inasmuch as they're a close range shooty squad that's good at their job, but useless more than 24 inches from the enemy.

Blood Claws hit hard on the charge, but suffer when charged and indeed in protracted combat.

Characters can be among the hardest in the game, but cost quite a bit more than I'm prepared to pay for them. I take to the field with one Rune Priest and one Wolf Priest.

Thunderwolves are powerful, but so are Nob bikers and I haven't seen complaints about them. I haven't used Thunderwolves myself. Marine riding wolves just seems silly, and I can't afford to buy the models anyway.

Mind you, since I started in second edition, I'm still playing with the Nordic Barbarian fluff, rather than the raging wannabe werewolf fluff.

i would say IG. nothing is great, but things work well together.

IG let you really put together any army you want and still do good. As far as letting the majority of the units in the codex be viable and allow people to play fluffy armies that are strong to boot codex IG was a success.