Personally, I'm not as keen on formations. Although some of them did have an interesting ratio of fluff to power (The Talon Strike Force + Pinion Demi-Company was very Raven Guard), many of the formations were either pointless, bland, best used in a capacity completely different from their stated purpose (Demolition Claw? You mean more efficient Autocannons, right?), or had relatively little opportunity cost.
I remember awhile ago posting on Proposed Rules about how to rebalance certain 7e formations (Ex: Aspect Host is "3 *distinct* units of Aspect Warriors, and the Exarches can benefit units from the same formation within 6 inches", as opposed to "+1 BS for 3 Warp Spider Units" or so). That said, for fluff I would probably be ok with something akin to the Kharadron Overlord code, where you select a sequence of traits, structured in a narrative format. ("This chapter is a Crusading Chapter. They do not have a 10th Company, but rather have their Neophytes serve as Squires to Initiates. Additionally, they are known for their Armored Spearheads, and use Land Raiders as upgunned Rhinos rather than forming them into their own support sections. Their geneseed is relatively stable (a missing Sus-an Membrane being beyond the scope of a 40k game), but they are renowned for their Abhorrence of the Witch. Controversially, this Chapter may be Above Regulation, able to bring numbers to bear in a manner other Chapters struggle to do. Finally, they are renowned for their adherence to Heroic Vows, driving themselves into a fervor to cleanse themselves and the galaxy of craven behavior."
Give each army some sort of "creation narrative" to work with, and go from there.
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