Looks fragile... fast, but fragile.
I'm assuming all the cav is based around where you want to take the list, which makes it kind of difficult to know what to suggest.
Too much fat in those little, fragile Marauder Horsemen units for my taste. I think for effectiveness, you should consider:
* Dropping an Exhalted (the one with the Berzerker Sword would be my choice - it's a next to useless weapon for the point cost): +158 points
* Drop a magic level off the Sorceror, maybe drop the steed too, and make it just a scroll caddy: +16 points
* Drop the Shields, Standards, and Champions out of the Marauder Horsemen units: +144 points
This would give you an extra 318 points to spend, and you'd only be losing ONE model! The magic from a single
lvl 2 sorceror isn't going to swing a game by itself, so the loss there is minimal. The cav goes from having a 5+ save vs shooting to having a 6+ save; but the idea with them is to hit something *hard* on the charge so you won't have to sit there and trade blows once your flails have stopped being so effective. Plus, by cutting them to under 100 points and no standard, you can actually use them like fast cavalry - as bait, redirect, etc...
A unit of 5, bare bones knights of chaos are 165 points. You could add a unit of 4 (for the Exhalted) and a unit of 5 for 297. Those are dangerous units that can actually get stuck in without being shredded on a 2nd or further round of combat. Plus, now your fast cav becomes more than twice as effective since they can screen the knight units, bait enemy units into a combo charge, hit a flank to remove the ranks while the knights engage in the front, etc... And, you can afford to throw a unit or two away if the situation gets dire.
The trick that I've found to making good, combined chaos lists is to have a mix of expensive units along side cheap yet effective ones. I regularly fielded units that cost less than 100 points (13 strong beast herds, 5 marauder cav, 5-6 furies, 5 warhounds) that could be thrown away if need be to get my nasty stuff into a better position. If my opponent ignored the cheap stuff, then I made him regret it (since those little units can actually pack a big punch - they're cheap because they're fragile, not because they're total crap in combat... ). If my opponent concentrated on the cheap stuff, then my expensive units would wreck havok on his line. It's all about putting your opponent into a "damned if I do, damned if I don't" situation, which is perfect for a chaos army.
Good luck, let us know how it turns out.
KW