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Similar points cost, different Slots (both are filled in my list right now). I usually run Nurgle Spawn, Baledrake, and Bikers as my Fast, with 3x2 Oblits as my Heavy but I lack a decent AA unit.

Which is the better deal for Anti-Air role?

The Forgefiend has the benefit of starting on the board, its low BS doesn't matter much against flyers, and it can try and pop a Transport turn one for First Blood.

The Hades-Drake has skyfire, and is.... our only option as a Flyer....

Option 3 is the lowly Autocannon Havocs (with or w/o an ADL quad) for about 100 more points.

Now my Group usually only runs 1 or 2 Flyers at best. What is our best option with the Chaos dex?

Are you open to forgeworld units? IA13 just came out with a slew of decent AA options for CSM.
The best probably being the Hellblade, 115pts for 6 twin-linked rending autocannon shots that can reroll pen/wounds against a single 'prey' flyer or FMC. It's got a pretty flimsy AV10 2HP airframe, but its manoeuvrable as stink with a cool repositioning move and 5++ save.

Straight out of the CSM codex, I'd probably roll with the Forgefiend. Well, honestly, I'd personally just ignore the air and go straight for the throat in melee.

I have yet to actually get any info on IA13, so I won't know how to approach the FW side of this.

From the book, you might as well do Hadesdrake. A Forgefiend takes up a HS slot, which is better used on Obliterators or Maulerfiends.

 McGibs wrote:
Well, honestly, I'd personally just ignore the air and go straight for the throat in melee.

This, or forgefiend all the way. That much dakka on its own is enough to put down light flyers, and between supplement/allied Divination and Daemonforge, a Forgefiend can drop most flyers in 1 phase no problem. (or at least force them to jink and forgo their own shooting.)

Indeed. The advantage of a forgefiend is that it can handle just about anything - if there aren't any flyers, it can probably trade fire with most tanks and come out on top, or else chop up medium infantry pretty efficiently.

The hellblade looks nice. It certainly packs firepower; I don't know how much good the agility will do it yet.

Forgefiend is the best option for AA, but mostly because I hate to strip the bale flamer off the Helldrake. Even without the skyfire weapon, the Helldrake can pull a little AA duty with the vector strike. It's not very reliable against storm ravens, but lesser flyers will have a lot to fear.

the hades autocannon on the helldrake is really underrated and the Forgefiend is a descent option too.

Stronghold Assault offers the Firestorm Redoubt as well. Its an expensive option, but its pretty terrifying for fliers.
For 280 Points you can get the Firestorm, upgrade it to bs3, and take a Quad gun which can be deployed off the building. AV14 makes it a pretty safe place to store Cultists as well. Its expensive, and probably overkill if your opponents aren't running heavy flier armies. And with the 7th edition nerf to Intercepter, its pretty useless against ground targets (Although iirc it doesn't need to snapfire at skimmers, so take that Elfs). Just be careful of drop melta unless you plan on bubble wrapping it with Zombies.

Hades drake is pretty bad in an anti flyer role. Without its 360 arc of fire it can no longer vector strike and hit the same target. It can also no longer hit rear armour unless the opponent positions their flyer poorly. It really needs to hit the rear armour, as with only 4 shots and bs3 it really needs those hits to count.

I support taking forgeworld units. Fireraptor with autocannons.

CSM Fireraptor is nastyyyy.