At 1500pts, you're going to be severly limited in the amount of warriors you can field, and characters, especially for a warriors of chaos list. At a max value of 375pts, its unlikely you'd fit your daemon prince in(who by the way can only take the daemonic gifts, no actual magic items).
The book tells you if and how much magic items/banners your units/characters can take, so I'd suggest a good readthrough on the entries for that. For example your hero level characters (exalted hero/sorcerer) can take a max value of 50pts of items. This could be one powerful item or a combonation of a few items. Take notice however that you can only take one of each type (ie one magic weapon, one piece of magic armor, and so on.) Also note that if your character takes a magic weapon, he will use it in favor of any non magic equipment you give him. (say you give him a sword of battle and a greatweapon, he has to use the sword of battle because its a point of pride)
Last but not least you can only have one of any magic item, you can't take two Runeswords for instance.
Meat and potatoes in a WoC list is solid blocks of chaos warriors, followed by a few screening units of marauders and warhouds. A unit of Tzeencth warriors with shields now has a 3+ armor save and a 5+ ward in close combat, making them more durable than before. There are many combos you can pull off, thats just one example.
Hope that was helpful, but in the end, simply playing and learning by mistakes is much more helpful.
Ben
