First I would like to credit thunderchicken over on the Bolter & Chainsword Blood Angels forum for this type of Blood Angels build, that is where I saw it first. Basically you want to run three full assault squads with two meltaguns and infernus pistol/power fist (sergeants). This forms the core of your army. You can then add a squad or two of Sanguinary Guard (2x infernus pistol & power fist). Take a Sanguinary Priest with an infernus pistol and join him to the Sanguinary Guard. Some people are also suggesting a squad of Honorguard with three meltaguns... More on that later. Combat squad your assault Marines as follows:
• sergeant/infernus pistol & meltagun
You now have six deepstriking units - three with two melta weapons and three with one meltagun. So you should be able to wreck some treads starting on the second turn. You also have the Sanguinary Guard/Priest for a seventh unit with three infernus pistols. Sanguinary Guard with FNP are impervious to lasguns and will make those guardsmen cry in utter frustration.
There are still plenty of points leftover for other units and of course you will want an HQ that buffs this army. I have a good number of games under my belt now versus other top tier armies such as Space Wolves. I have found that Dante is in my opinion the best choice for jump BA as his unit does not scatter and he has a BS5 infernus pistol. If you join Jim with another squad that has a couple of melta weapons they are bound to blow something up when they arrive. Hit & Run can also be extremely useful versus other armies that have a strong assault element. The Librarian with Blood Lance and Sword is also a great choice for your HQ and is not expensive. Many prefer Shield over Sword but in my opinion a 5+ cover save is not that great while the Sword will wreck vehicles in assault and is also awesome versus walkers and Thunderwolves. Blood Lance is an obvious choice versus mech in general.
Now about that squad of Honor Guard flying around with three meltaguns... Expensive for what you get in my opinion when compared to the combat squad with the meltagun and infernus pistol. Sure you have the built in Priest but five Marines are still quite vulnerable and they have no real punch in assaults. Now if you were to toss in some power swords and a power fist they would be better but I would rather use these points towards another squad of Sanguinary Guard. If you do take Dante then another added benefit is that your Sanguinary Guard become scoring units.
So there you have it.