As I have played my 5 games versus a variety (ish?) of opponents, I have found out some very interesting things about the Blood Angels.
1. Mephiston is a killer special character. He is very effective against a variety of forces, and he often becomes a psychological modifier. People are afraid of mephiston
2. Furioso Librarian Dreadnoughts, while totally awesome, are a bit of a one trick pony. The ability to only cast one psychic power is a major problem. I think in my list I should have used unleash rage instead of blood lance, so he could be much more of an assault threat.
3. Sanguinary Priests. I love them. They are a force multiplier, no doubt. With the new FAQ, however, they can't float out of combat, and they are therefore incredibly easy to kill. They end up as easy kill points.
4. Fast Rhinos are GREAT. They really amp up the mobility of the force. 50 points though is pretty expensive.
On the whole, Blood Angels, while still Space Marines, are a completely different animal. They are built to be an aggressive codex through and through. Unfortunately with this fact, they don't quite play the Mech assault build very well. The inability to assault out a Rhino, which by the way costs 50 points, makes the concept somewhat less efficient than say a Mech Space Marines build.
For the next leg of the list, I have decided to try out a Foot Blood Angels list. Several of my club friends have taken the Foot Angels to tournaments and done moderately well. I am still suspect of its effectiveness, but it seems like a decent build to at least try. After that, I think a DoA list is a possibility, but there will be proxies.
Blood for the Blood God! Oh wait...