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The new Night Lords rules have me looking at ways to maximize taking advantage of the leadership shenanigans. What all can drop leadership or otherwise screw with morale? We've got:
Any unit with an icon of despair
Raptors
Chaos Spawn
Chaos Lord with Warlord trait
Noxious Blightbringers
Chaos Furies
Contemptor/deredeo/leviathan dreads with butcher cannons
Decimators with butcher cannons
Be'Lakor
Fiends of Slaanesh (only psykers)
Zhufor the Impaler
Samus

I haven't looked at the chaos human renegades index yet so not sure what they can bring.

Personally, I want to try a big core of nurgle raptors with icons with a jump lord, a couple jump sorcerers, a couple units of spawn, and decimators for support. Maybe a second detachment with furies and Be'Lakor as they seem to synergize well with having Fly. You get a completely mobile army with whatever weapons and powers you see fit, plenty of psychic defense and offense, and a wide array of morale attacks. I like the decimators over the dreads as they can take 2 butcher cannons and fire at 2 separate units. With a few deaths from a decimator and some nearby units, even marine squads can get wiped out completely just from morale.

Feel free to post thoughts and additions!

Forge World Index also has these "Malignatas beam laser" weapons which wound by comparing 3D6 to Ld. These are available for Sicaran Venator and Deredeo. They can do serious damage on vehicles and monsters.

Contemptors have been faq'ed to be able to take 2nd ranged weapon by replacing second claw.
I'm not sure if anyone wants to go dual ranged, as the unit is then horribly bogged down by any kind of 10+ model unit.

Decimators are slightly cheaper than Contemptors with butcher cannons. Maybe best would be to take 2xButcher Cannon Decimator. Decimator is more durable because it regenerates always at the start of your turn, meaning its good to go second with these as you get 1 more 'round' of healing (because your decimator doesn't take damage if you start first!) Decimator stats dont degenerate when taking damage so it's better as firing support. Because of poor BS, Decimator would work better as immobile turret/objective camper than as in-your-face dreadnought.
Contemptor should have one cc arm, it can first of all move and shoot more efficiently due to BS 2+ and WS 2+. It's melee weapons are also much more powerful than what Decimator can have. I think Contemptor could work deep striked in with Dreadclaw with 2 cc weapons and hellflamers to cause maximum casualties all over, while acting as splendid distraction carnifex in your enemys face while your other units move in within 6". Contemptor will want to be close as it has 4++ save in melee, and only 5++ against ranged attacks.

Other possible way to run contemptor could be 2 melee weapons with Soulburners for 24" Assault D3 Mortal wounds, allowing contemptor to advance towards enemy and fire with somewhat good effect while doing it.

I don't think anyone wants skip the Contemptors melee prowess, while it cannot handle hordes well, it can make huge damage per turn against vehicles, monsters and characters in melee, possible forcing enemy to concentrate high damage fire on it instead of your other units.

Night Lords moral effect maximizing lists could also work by bypassing vehicles completely to go for MSU style with relatively good short range firepower, mostly to make enemy high damage fire inefficient, while maximizing the possibility of morale test modifiers. Bringing in only one contemptor/decimator with butcher cannon(s) will suck up all the high damage fire.

I am curious why a few Sorcerors with Jump Packs? We can only attempt to cast Warptime once, wouldn't multiple Chaos Lords be better to have another reroll bubble?

Think the Lord of Terror warlord traits is potentially more useful than Night Haunters Curse?

I like having multiple sorcerers for the initial alpha strikes. Your lords are nasty, but less of a necessary force multiplier and not doing much the turn they drop in or move forward. The sorcerers get warptime, prescience, miasma, and the rest, which equal or eclipse the lord's buffs.

Lord of Terror is a devastating ability in combination with the rest of the morale penalties, and will cause more wounds overall than the rerolls from Curse. It lets you negate space marine leadership rerolls completely.

Sorcerers are nice, Smite is really solid way to put some casualties on one squad + smite is surprisingly efficient against Tanks and such when combined with other AT weaponry available.