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So, if I've synthesized all the data from this thread properly, a typical flying circus list might look something like this:

Keeper of Secrets, ML1, Greater Rewards (x2)
Lord of Change, ML3 Greater Rewards (x2)

3x 10 Pink Horrors

2x 10 Flesh Hounds

3x Demon Price, Wings, 3+, Mark of Slanesh, Greater Rewards (x2)

Really simple list, actually. I wonder if there would be a good way to do it with Nurgle, Shrouded would be nice to have, then again nothing with Nurgle can run or sweep.

edit:
Alternatively:

Unclean One
Lord of Change, Greater Reward (x2)

2x 10 Pink Horrors
4 Nurglings
3 Nurglings

3x Demon Prince, Nurgle, Wings, Armor, Greater Reward(x2)

Seconary Detachment
Demon Price, Tzeench, Wings, 3+, 5+(i),

10x Cultists

Question: Given that the Greater Reward Results of 3 and 6 (Re-roll invulnerable saves, and 3+ save) provide no benefit, would it be better to get ML2 in Biomancy? Endurance and Iron arm are both good, and Warp Speed and Life Leech are at least usable. Biggest concern would be that using psychic powers instead would forego the opportunity to get the 12" S8 AP1 Lance, which might come in handy.

Hmm... your getting the hang of it at least.

Here's the rundown of what you normally want to do for each slot with a flying circus.

HQ
Fateweaver is an autotake in EVERY daemons army unless you want to be blowing your own units up with that darn warpstorm

Your second HQ choice should either be a LoC with max level and 2 greaters 1 lesser because LoC can do just about everything. Or if you are going to take some DPs that aren't tzeentch then a greater daemon of that god (or you just want that greater daemon and are just gonna stick with the tzeentch princes I.e. Bloodthirster)

TROOPS
These should consist of the BARE MINIMUM required since the portalglyph makes up for the lack of scoring. Pink horrors are always good for added firepower. Plaguebearers are very durable. Daemonettes are speedy and can grab those forward objectives with their run moves.

HEAVY SUPPORT
These should be a bunch of maxed level DPs of whatever god your doing and usually one tzeentch to hold the grimoire. 2 of these DPs should have the and exalted and a greater (exalteds are for the portalglyph and the grimoire) then the last prince will be 2 greaters and 1 lesser.

Optional CSM allies (Note: this will mean dropping a DP from your HS slot)
HQ
Either a DP of tzeentch with wings armor and the black mace or just a cheap bare bones hq such as a sorcerer for the heldrake tax (Be'Lakor is also acceptable here, or a memory prince if you are into that sort of thing)

TROOPS
one group of cultists for the drake tax

FAST ATTACK
Drake because why not.

If a DP from the daemon book isn't given a max kit it will usually faceplant and die horribly or just do nothing most of the game. Always take fateweaver. Always take 2 exalted rawards for the grimoire and portal. Always give your FMCs max kit (aside from lessers on anything but tzeentch since they can get the fancy +2 strength staff)

No one in my immediate gaming circle plays Demons (or CSM anymore, for that matter) so I have little hands on exp.

I understand completely with the way you put it there... For the MCs to be effective they're going to need certain psychic powers or gifts. These are rolled for, so the only way to make sure they end up with what they need is to get them a lot of dice... this results in 345+pt DPs if I recall correctly.

I'm guessing you drop the glyph in somewhere (hopefully) out of sight in your deployment zone, and run your min troop squads forward, counting on the glyph to pop out some more scoring units.

To be honest, I HATE having the usefulness of any model in my army contingent on a couple dice rolls at the beginning of the game, and as such I have avoided relying on any psychic powers that aren't the primaris. Almost every disciple is half trash (or at least half trash for the application in question) so I've always thought of it as wasting half the points spent on mastery.

I am seriously considering building a demon army... but not any of the MC spam nonsense.... something more balanced, with an overwhelming number of deamonettes (I'm thinking 60 -80) and a couple of units w/ outflank, some chariots, some heralds, and, of course,Fateweaver.

If you are looking into some slaanesh daemons instead of the fmc circus (I suggest you at least give it a try it can be very fun.) Then I would suggest taking a look at the fiendstar build. It uses a blob of fiends (duh) running around with 2-3 heralds with 2 exalted rewards thrown in there and the exalted loci. These are all on steeds of course.

This units is great since it counters all psykers it walks near, almost always swings first in CC, and has a boat load of rending attacks. This is a great competitive build as well since it is very anti-meta as almost all lists these days use some sort of psychic powers.

As for the circus. Most of the things you roll on wuth them are all useful bar a select few options. Especially the greater rewards, all the greaters are useful except for the armour if you have a DP. Also, the DPs usually roll on biomancy and pretty much all the options there besides hemorrhage is useful for a DP. Then of course there is the flickering fire of tzeentch power that almost all tzeentch princes can and will take since its the primaris for tzeentch and in the off chance they get sucky powers they can compensate with higher rate of fire. Its not that DPs are reliant on a few options, its that they need multiple buffs in order to become as effective as possible and the difference between a beefed up DP against just taking multiple DPs is pretty huge (especially if you roll iron arm to avoid be gibbed my ID or s10).