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Just completed building and painting my very first army. If my calculations are correct, i am exactly at 500 pts. I would love to hear what's good and not so good about it and why. I intend to expand to atleast 1500 pts in the future.

Librarian - Terminator armor, Storm Bolter 95 pts
Ironclad Dreadnought - built in heavy flamer, two hunter killer missiles 165 pts
Assault Squad - Sergeant with eviscerator, one Assault marine with plasma pistol, one Assault marine with flamer, All jumpacks. 130 pts
Scout Squad - all camo cloaks, all snipers 70 pts
Land Speeder Storm - 40 pts

TOTAL 500 pts

I also have a Devastator squad which i can use to replace something. Thoughts on that?

Looks good; the ironclad especially will be deadly if you can get it into combat quickly. I recommend some more infantry squads with transports or some heavier vehicles. Maybe even a stormraven?

Thanks for the advice. Can a Devastator squad use regular transport options? I like the idea of adding more heavy vehicles. I also love look of the stormraven model, so now I have a reason to get one too.

Yes, devastators can take rhinos, drop pods and razorbacks in both the 7th edition codex and the new 8th edition index. Razorbacks are the preferred choice for extra firepower

I too love the storm raven model, though I may still do a couple of conversions when I finally get my hands on one!