The Dreadnought - the best piece of crap that all Marine players must field, even though you know it will be a destroyed dreadnought in 2 turns.
So, how do I really feel about a dreadnought? It depends how you arm it. My favorite way to equip it is in a drop pod with multi melta and heavy flamer. It comes in turn 1 guaranteed if you like, and is equipped to pop that land raider or vindicator turn one. I used to play a salamders style army, so all meltas were twin linked (awesome). I would take out just about any piece of enemy around I wanted to on turn 1. In the drop pod with MM and heavy flamer, im running it at 150 points on the dot. Thats almost another squad of assault terminators however, so its not cheap... I would never run it any other way though.
So why is it crap? Well, depending on which army you play against, its a relatively easy piece of weaponry to destroy. I typically wont run it in a drop pod when play against Eldar, as fire dragons will take it out without thinking twice (free kill point)... Against Guard, it can be a problematic too if they hold armor in reserve. Sure, ill flamer a couple of guardsmen, only to get smashed with a barrage of twin linked lascannons next round.
The Key? Use it in conjunction with the rest of your assault force in your army. Make your opponent decide if he/she will fire that leman russ lascannon on the dreadnought, or the demolisher shell on the two squads of assault marines flying into the flanks. Do they fire their tactical squad rocket launcher at it only to have the rest of the squads bolter fire go to waste?
In the force I run (see army list below), I run Shrike with assault terminators so they infiltrate, 2x 6x man squads of assault marine with power fist and fleet (24" possible assault range), and a razorback with command squad rushing in... I make the opponent make a decision as to what they will attack, and what they will let attack. If they shoot the dreadnought, well its pretty resilient, and allows for those assault marines to go unharmed and get a 1st/2nd turn assault. It becomes a fire magnent allowing the rest of my army get into assault range and attack at full strength. If they dont shoot at it, im going to lay waste to your armor 1 tank a turn (i have taken out 3 or 4 tanks a game before with this set up, the opponent unwisely to let the dreadnought live). If you dont support the dreadnought, its going to get crushed, but if you do use it wisely its going to easily take out tanks and get in CC combat it wont lose. It should be part of you hammer, not the only hammer...