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So, I was flicking through the Black Templar codex and was thinking
Is it worth collecting a Black Templar army or just a Space Marine army?

Black Templars are probably seen a lot less than Space Marines.... But you could argue not as good.

Also depends on what colour scheme you want!

The black templars just got a FAQ and now they are quite competitive.

They have a new FAQ making them useful again, also check out this article

The Black Templars are actually one of the more unique SM variants. For one, their bread and butter troops definately are not Tactical squads all other SM chapters have, nor is it anything like any other SM unit (currently the only SM unit that has mixed troops). They lack psykers completely and the bulk of their foot troops are concentrated in the Troops and Elites section. They also have access to the old type Veteran Marines, Armoury style wargears, and can attach characters to command squads.

EDIT: Nevermind about the top blurp about the tactical squads. While they are different in organisation, it's more or less a tactical squad with CC weapons with attached scouts

I've never played either, so take this for what's worth.

Since the new FAQ, I would go with BTs, but just because I have no interest in Vanilla Marines.

There is already a thread going on the viability of BT armies here.