The 'pure' dogs army that is, just looked it up on GW:s site. Just about everthing seems really underpriced! I'm thinking of giving it a try by whipping up a 1k army. How about this:
Heroes:
1 Paymaster(HA, Sh, longbow, Warhorse, Barding) 85
1 Hireling Wizard(lvl.2, lore of Shadow, Warhorse) 105
1 Hireling Wizard(lvl.2, lore of Beasts, Warhorse) 105

Core:
5 Heavy Cavalry( Barding, std) 120
5 Heavy Cavalry( Barding, std) 120
5 Light Cavalry(Normal bow, Sh) 85

Special:
20(!) Halflings 120
10 Norse Marauders(Flails, Sh, Ch) 100
2 Leadbelchers 110

Rare:
1 Hotpot 50

Total 1000 pts exactly.

Wizards will hold back and augment the cavalry with their magics( Beast / Shadow has a lot of nice ones). Paymaster also stays behind the lines and shoot the occasional arrow while trying to stay within 12" from hotspots( Preferably dangling money in front of the warriors, a gold piece per kill! Sick 'em boys!). Leadbelchers, halflings and Marauders take the center and shoot / smash units before the cavalry comes from the flanks. Turning to face the heavy cavalry while the marauders advance upon you is a really bad idea. The marauders as well as the halflings can take some casulties, they aren't the most well protected but has sufficient numbers and psych.stats.

What's your take on the list?

When using norsemen, you are generally better off with them flanking because frenzied units don't hold the lines very well. Unless you screen them with a unit of duellists so they can't see to charge. Drop a leadbelcher and take a screening unit of 8 duellists w/hand weapons and a muso for the light cav. Also why mount your mages who will stand back and use their powers on warhorses? Not to mention the PM, if they're mounted its more tempting to move them.

The Halflings & Hotpot seem out of place seeing as everything else is on a horse, prehaps swap them for somthing else.

If you're using Halflings and 10 marauders as your infantry line, you're in for a big disappointment. Halflings are good for eating and shooting, they die faster than gobbos in CC. And 10 lightly armored Norsemen aren't going to stand up against much of anything for long at all.

I'd also change the Light Cav's bows to spears, as 5 bow shots aren't going to help you do anything. Drop the horses on the mages, and the bow on the paymaster, split the halfling unit in 2 for bowfire, and try to crounge up more points for more Norsemen, or swap them for pikes.