Blood angels troops are probably the most cheesy part of the codex compared to vanilla marines- nothing at all taken away, no downside to the extra rules they have, and at the same points cost, only difference being additional options and the ability to field as many land raiders as some entire chapters posses on one force organisation chart.

I don’t actually have a problem with Mepheston, as you say AP1/2 and there are a few characters around who can inflict instant death regardless of toughness, the problem characters are the Sanginor, Astorath and Dante, yes they cost tonnes but they give back a whole lot more, unless you use them wrong, and being able to change an enemy units stats permanently, automatically is just plain wrong IMO.
Land raiders can deep strike in the blood angels list and that is were the cheese comes from, there may be an inherent risk of deep striking something that big but with careful placement you can minimise that risk and bring them down safe were they can start tearing things up most of the time, and the number one complaint after a tourney is “there wasn’t enough terrain to go round”.
Assault marine troops are cheesy the way they’ve been done IE troop assault marines retain all the options of the regular fast attack marines get the flamer half price and can take an honest to god plasma gun or a plasma pistol as they feel like it.
Fast vehicles for the loss of a search light, okay the rhino and razorback cost 15 points more, for the rhino it might be an issue, for the razorback, it comes back to the assault squad, 5 of them with no jump packs, it will cost 10 points more than a tactical squad, but you get 35 back, so its 10 points cheaper overall, so they can have a flamer or melta gun(which the tacticals cant at 5 men strong) and still cost the same, be a fair bit better in close combat and get cheap plentiful meltas on the field.

And the black rage is only beneficial in game terms, there might be fluff about how Astorath kills anyone with the rage(except Lemartes) and how they eventually die(except Mephiston) of it but there is nothing that effects the game, unless you call the chance you’ll take damage from being fearless at the end of a combat a big enough downside to furious charge, and personally I don’t since furious charge makes you that bit less likely to lose the combat anyway.