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Here's a list I've thrown together to see what I can do with a combo of Ravenwing and Deathwing units.
Ravenwing Strike Force:
HQ:
Librarian: ML2, Bike, Auspex
Elites:
Ravenwing Command Squad: 6 bikes, Apothecary, Champion, RW banner, 1x Grenade Launcher
Fast Attack:
Darkshroud
Bike Squad: 3 bikes, 2x Gravgun, Melta bombs, Lightning Claw, Vet. Sgt. upgrade
Bike Squad: 4 bikes, 2x Gravgun, Melta bombs
Attack Bike Squad: 1 bike, Multi-melta
Deathwing Strike Force:
HQ:
Belial: Storm Bolter and Sword of Silence
Librarian: ML2, Terminator Armor
Elites:
Deathwing Command Squad: Champion, Apothecary, DW banner, Assault Cannon, Chainfist, 2x TH/SS
Deathwing Terminator Squad: Cyclone Launcher, Chainfist
Deathwing Terminator Squad: Assault Cannon, Chainfist
Total 1850 points
Okay, so this list is not going to get to the top tables at a major tournament (or even at a local tournament), but on paper it looks like it would be really fun to play. Belial goes with the DW Command Squad, bringing them in for a scatter-free strike. The other termie squads drop near bikes to mitigate their scatter. The bike libby will probably run Telepathy, hoping for Invis but willing to settle for the Terrify/Shriek combo. The termie libby runs Interromancy. I went with the DW Strike Force instead of the Redemption Force in order to take 2 HQ's. I may run this at my FLGS's open play night, assuming I ever get to go to that again (having to work every Monday night is frustrating). My local tournament meta is just way too cutthroat for a list like this to have any chance, since many of those guys run lists that might be competitive at the really big tournaments.

If you must play Deathwing, take a unit of the Deathwing Knights.

Two HQ in one detachment is one too many. Drop Belial or play him as just a Captain; he's not worth the points.

You can never have too many Black Knights.

I'd argue that Belial is worth the 40 points more than a similarly equipped captain, if you use him for specific purposes... for example, if you give him the TH/SS combo, drop him in on an enemy warlord with a Death watch command squad (with apothecary for FNP), you can use that unit to assassinate a warlord and his unit.

I play against a lot of Marine and equivalents, and most of their warlords do not have Eternal Warrior, so the Thunder hammer instantly squishes them in challenges, with the re rolls you get in challenges, a good deal of the time. The deep strike without scatter ensures you are close enough for assault next turn, while the TL shots the turn you come in are good for things like popping the warlords transport or thinning down his entourage. Bonus is, if you slay that warlord in a challenge, extra VPs!

All that being said... terminators are a bit overpriced for what they do these days, considering the prevalence of AP 2. They are nice fluffy units but in a competitive environment I try to leave them home... There is just too much Grav out there currently.