I think you hit the nail on the head, Tyrendian. The Blood Angels aren't as bad off as, say, pre-update Tau. There's more than one list in that old book! It's just that across the board, there are lots of units that are performing sub-par, lots of things that are overcosted, and lots of things that don't do their jobs as well as they should. A clever player with the right list can still win, but it's an uphill fight.