In response to Jon's question to this post, I thought I'd ruminate about what I'd like to see in an updated Wolves codex. At first I figured they could repair the most grievous errors in the current ruleset, make everything a little cheaper, and we might be in business. But when I went over each of the Wolves units and compared unit costs with the vanilla list, I honestly couldn't find anything that overpriced. For instance, the Grey Hunters are just as expensive than an equivalently upgraded vanilla marine, but the Hunters (and all Space Wolves) also get acute senses and no matter the odds thrown in for free. A Wolves venerable dreadnought is more expensive, can be used as an HQ, has BS/WS 5, and grants the ability to re-roll for first turn (a pretty great ability); the vanilla ven dred is cheaper and can be given tank hunter or furious charge, but he's stuck with BS/WS 4and 2 base attacks. There's really just not that much to bitch about as far as pricing goes. Wolves essentially trade in higher leadership for extra attacks and greater resolve when in assault.
After further review, I figure there's still a few issues with the book, but I'm not so sure that fixing them will make the list much more competitive, at least until 5th edition and C:SM are redone too. It may be that the Wolves redux arrives after both of those releases anyway. Anyway, here's what I'd tinker with, in order of urgency:
Wolf Priests - No brainer: give him honor of the chapter and litanies of hate and be done with it.
Wulfen/13th Company - They should dock 13th Company rules into C:SW by allowing squads of Wulfen. Come on now. It's 2008, about time we got some goddamn actual (power-armored) werewolves in C:SW. Those models are too cool not to let those who play any of the other 12 Great Companies use them. And give them fleet. And big ass wolf packs wouldn't be too remiss either for a fast attack choice.
Rune Priests - I don't mind having a weaker (but cheaper) psychic hood, so if they stayed at Ld 9 so be it. However, I think the Storm Caller ability should be made to be always-on, granting the psyker and any unit he joins a permanent 5+ invunerable save (against shooting and assault) as well as an assault buff similar in effect to the banshee mask. Chooser of the Slain is probably too cool a piece of wargear for GW to let the Wolves keep, so I'll be sad to see that go.
Blood Claws - WS/BS 3 should stay, double attacks on the charge should stay, but the headstrong rule is unnecessary clutter; they got rid of it for berzerkers already, so it's clearly loseable. The ability to include two power fists needs to stay. I stand by this allowance as essentially wolfy and effectively priced. Bikers are fine as they are, but Claws should be able to take jetpacks for only four or five points each, and as such the whole "feet on the ground as Russ intended" insta-fluff nonsense can please leave and never return. Anyone seen Russ around lately? Hmm? Ok, strap these fuckers in already.
Long Fangs - Hard to make more competitive without ditching the flavor and accompanying cost inflation. Still, they're supposed to be small units of grizzled veterans, maybe they should give them tank hunters or BS 5 besides the Pack Leader's split fire.
Wolf Guard - Leaders or bodyguards, they're basically fine as they are, though they may want to simplify the squad leader rules to just make them upgrades. If they absolutely have to take away the multiple heavy weapons in terminator units, then so be it, but with the coming rending nerf, I just don't think its necessary.
Grey Hunters - Not much to say here. They should stick with the basic 6-man or larger "pack" flavor. They should also keep the ability to include two powerfists.