1). Canis was pretty ineffective and drew a lot of fire. He would have been much better with some more wolves around him to absorb fire (I gave him 2 wolves as wargear).
2). The long fangs + cyclone terminator + logan grimnar combo is super expensive and not very effective. A drop pod full of close combat wolf guard would have been much better.
3) Blood claws kind of suck. I had 15 in a land raider crusader and I don't think they really accomplished much all game.
All that said, it was my first time playing with Space Wolves (and space marines for that matter) and I won 2 of the three games and had a draw on the other one. The first game was against eldar and I was destroyed in close combat by some harlequins and an Autarch. I didn't win because my opponent was able to contest all of the objectives. The second game was against imperial guard with lots of tanks and 2 vandettas. This was a commander kill game and went quite well (even though I took heavy casualties). The third game was against Tau and I got hit really hard from the beginning (he stole the initiative and popped my land raider in the first turn). I managed to win with objectives, but another turn or so and I would have been toast.
The list I took looked something like this:
HQ
Logan Grimnar
Canis Wolfborn (with 2 wolves)
Troops:
15 blood claws + wolf guard
5 Grey hunters + wolf guard in a Rhino
5 Grey hunters + wolf guard in a Razorback
1 wolf guard on attack bike
Heavy Support
Long fangs + cyclone terminator in a drop pod
Landraider crusader with multi-melta
