well, it's definately possible and can be very competitive too! a friend of mine used a pure deathwing army back in '05 at astro toronto and he had a record of 4-1-1! he's gone a perfect 6-0-0 in some smaller tournaments to with that list!
the main things to keep in mind;
a) you will have a very, very small model count
b) you need to take on only a small portion of the enemy at a time
c) land raiders generally aren't worth it - if you must have one then go for a crusader...
basically, avoid unnessesary upgrades and add-ons. even basic termies are darn hard! dreads work great for some ranged tank-hunting, and at least one is required simply to counter any skimmers you might come across...
as an example, my friend's army at 1500pts was roughly 15 termies, 2 dreads & LRC...
the main disadvantage now in deathwing armies is that you can only take 1 weapon upgrade. still, storm bolters aren't to be scoffed at and you have regained the ability to mix assault weapons like lightning claws with 'regular' tactical termies!!!
one squad set-up i've always had a soft spot for being a salamander player is to combine thunder hammer/storm shield models with a heavy flamer. a great unit for deep striking and at close range they can roast hoard units and yet still threaten armoured vehicles in assaults too!
hope this helps,
cheers!
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