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When reading the list keep in mind that this list is designed with NOVA-styled missions in mind. I don't tend to play rulebook missions though I have done well in those scenarios as well.
Sorcerer - Mastery Level 3, Power Axe - 110
Sorcerer - Mastery Level 3, Power Axe - 110
Lord Commissar - Power Axe - 80

20 Cultists - 90
10 Cultists - 50
10 Cultists - 50
PCS - 30
50-man Guard blob - 3 Power Axes - 280

Heldrake - Baleflamer - 170
Heldrake - Baleflamer - 170
5 Chaos Spawn - Mark of Nurgle - 180
2 Vendettas - 260

Vindicator - Dozer - 125
Griffon - 75
Aegis - Comms Relay - 70

The general strategy is to roll for Invisibility on Telepathy, this will make the Spawn incredibly durable. This is my main source of counter-attack (I realize they lack punch, but they can tie up units well, especially when they are hit on 5's). Depending on how early I get Invisibility I would also consider rolling for Endurance, the two together make the Spawn ridiculously durable. Terrify and Hallucinate help the Spawn in assault and allow me to do things like sweep fearless squads such as Wraiths and Orks and stall other units that may be crashing my lines. The large Cultist blob will have the Sorcerers attached.
The Guardblob provides a nice backfield scoring presence that can serve as decent counter-attack, I only had points for 3 Axes and found that it is nice to have a few nude Sergeants to sacrifice in challenges. I was running a Manticore but decided I wasn't a fan of its unpredictability, the Griffon has less potential but tends to be a bit more accurate and for its cost I think its a bargain.
The Heldrakes do much of the heavy lifting, allowing me to take wounds off of MCs, fry MEQs, etc. The Vendettas can transport troops if I need to and they also serve as a deterrent to the enemy Vendettas and Stormravens that may be used as anti-Heldrake. The Vindicator is just a nice source of high strength, low AP shooting, a decent way to instagib TWC, Wraiths and other multi-wound assault units.
What are your thoughts? So far the list has performed well for me. I tend to play fairly defensively, lots of GTG behind the Aegis and using the Spawn as wisely as possible.

I really and truly recommend heavy weapons at least on the blob. You will find that they are sorely lacking with lasguns, but 5 autocannons with bring it down is actually quite effective. I believe if you drop a 10 man cultist squad, then you can afford this.