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I have the codex from when it was first released, but never got into them.  Recently, I had a the Necron Battlebox (28 Necron Warriors, 7 Scarab Swarm Bases and 3 Necron Destroyers), a Monolith, and a box of 14 Necrons dropped in my lap. 

• First and most important, has the Necron codex been "updated"?
• I'm also looking to see what is good and not worth the points.
• Does it matter which Lord to take?  Or is it a personal preference?
  
• I had a small unit of Wraiths hand me my booty, so I think they can be a plus.  (Strange, on the GeeW website, they are listed as Troops.  Are they misplaced or are they still Fast Attack?)
  
• Monoliths are a must, but is having more than one still considered cheesy?

And finally, when one plays the C'tan, is there anyone that plays the Deceiver?  What are your thoughts on playing him?

Thanks for the assistance.

Wraiths are fast attack (I believe)

Two monoliths will make your opponent groan. Two monoliths with a C'Tan might be considered cheesey by some, but it's a rock hard build.

I honestly think the strongest Necron list would consist of:
1 Monolith
2 full Heavy Destroyer squads
1 Full squad of Immortals
The Deceiver
All the rest in Warriors and choice tidbits (maybe some wraiths)

The Necron codex has not been 'updated' since release.  The FAQ has some much needed clarifications that help to 'modernize' the 3rd edition book.

What is good... (IMHO)

HQ Lord with res orb and veil, deceiver
ELITE Immortals
TROOPS 2 minimum sized units of warriors (more mandatory than good)
FAST ATTACK Destroyers, a single wraith
HEAVY SUPPORT Monolith, heavy destroyers

What is not worth the points... (IMHO)

HQ Lord that has anything but res orb and veil, nightbringer
ELITE Pariahs, Flayed ones
TROOPS any more than the minimum required warriors
FAST ATTACK large units of wraiths, scarab swarms
HEAVY SUPPORT tomb spyders

Yes, I believe it does matter what lord you take... I feel that the current necron lord is very overpriced for his statline.  This cost is only mitigated by the fact that he can take a resurrection orb, an item that is an absolute necessity if you take T4 necrons (which, incidentally, you are required by the rules to invest 360 points in)  The veil of darkness gives a necron player a second option to teleport per turn.  As you develop your necron tactics, you will see very quickly how important their ability to leave combat is.  You get it on the monolith, but the monolith can be destroyed by some armies, and the veil provides you with a back up or in some cases the ability to teleport a second unit out of trouble.

One wraith makes an excellent points filler.  At 41 points, you get a model that can move 24" and has a 3+ invulnerable save.  Please forget that this model has an attack characteristic.  When fielded in this way, it is used merely to snatch last minute table objectives.  I do not like units of wraiths.  But some have had some successes with a tactic called the 'wraithwing' which utilized massed wraiths with necron lords on destroyer bodies teleporting through monolith portals to charge enemies. I would strongly dissuade you from trying to play that list as a new necron player.

Monoliths are a must.  What one finds cheesy, another will have no problem with.  I personally enjoy playing competitively, so unless I had previously agreed to play a fluffy-soft game, I would never judge someone based on their army composition.  Cheese is in the eye of the beholder.  Before you run off and buy that second monolith I would like to say that having 2 monoliths is not necessarily 'better' than one.  The primary use of the monolith is the portal, once you start playing at competitive levels.  the second monolith tends to just use its particle whip, while the first teleports units.  If you feel you need the extra particle whip shot, it is the right call.  Against mechanized eldar and tau, that 235 points should be invested in a large unit of destroyers.

When i play a C'Tan, and I have played with both, I prefer the deceiver.  I just personally believe that his abilities are more useful than the nightbringers.

I hope I was helpful in answering your questions.  If you have any more questions, or want any tips, let me know.

i'm gonna agree with everything shep posted except for one really big point.

scarabs are one of the best units in the list. they are absurdly underpriced for a turbo-boosting, fearless, counter-charging tarpit. these guys can neutralize more threats than you can shake a stick at.

you only need one unit, but i often take 3 and have never regretted it (with enough immortals destroyers stop being mandatory).

This is a nasty Necron list. Hope it helps.

2000 Pts - Necrons Roster

1 Lord @ 140 Pts
Staff of Light; Resurrection Orb
1 Resurrection Orb @ [40] Pts

1 Lord @ 140 Pts
Staff of Light; Resurrection Orb
1 Resurrection Orb @ [40] Pts

10 Immortals @ 280 Pts
Gauss Blaster

10 Immortals @ 280 Pts
Gauss Blaster

10 Warriors @ 180 Pts
Gauss Flayer

10 Warriors @ 180 Pts
Gauss Flayer

9 Scarab Swarms @ 108 Pts

9 Scarab Swarms @ 108 Pts

9 Scarab Swarms @ 108 Pts

1 Monolith @ 235 Pts
Gauss Flux Arc; Particle Whip; Power Matrix
1 Power Matrix @ [0] Pts

1 Monolith @ 235 Pts
Gauss Flux Arc; Particle Whip; Power Matrix
1 Power Matrix @ [0] Pts

Total Roster Cost: 1994