Few matches I've had with my pal against his Chaos fleet have been pretty equal. Only match I lost was when he had much more attack craft thanks to Desolator, and even then it was fairly close.
Sounds like a somewhat higher point game than we're playing... Desolator being a battleship if I recall? Do you have any experience with a lower point match-up?
IMO, Chaos cruiser look more scary than they actually are. Sure they're fast, cheap and good firepower, but in practice much of that firepower goes wasted against 6+ prows of the Imperium (or Tau!) and once the Imperials get closer, Chaos loses their range advantage, also torpedoes start to make damage.
Losing the range advantage is not an issue, as I feel at an advantage in the short-range as well. I don't think the Imperium can argue with a broadside of 42 plus 6 lances from just three ships. Even the broadside of 20 from 2 ships has proven to be devastating. The torpedoes, if they can be brought to bear, have done damage, but bringing them to bear has been an issue. Chaos ships are very fast, even without AAF, and torpedoes can be easily avoided. (Even more so with the marker width 3 rule, which we are not yet using).
Also what has been said about Nova cannon, it's a great way to make Chaos player nervous early on.
Very true! That thing is pretty scary, especially since it's not a guess-range weapon anymore unlike my opponent first thought! Mind you, he did score a direct hit on one of my cruisers in the last game. The massive doom weapon, a perfect hit, d6 damage... Rolled 1.
edit. also, if your cruisers penetrating his formation is really a big problem, then maybe he needs a tactical reserve. Maybe a Lance Dauntless or squadron of frigates kept behind his main formation, if something gets inside his formation, the frigates will shoot them into face from point-blank.
Does an escort squadron have sufficient firepower to bring to bear against three capital ships?
The murders cannot stay in place. Every turn they will be at least 12.5 cm closer. The four lances on them will only hit two times per turn on average. That means they won't be threatening to the imperial cruisers. On their way in the slaughters shall be attacked with torpedoes. Since you move them on AAF they are in a nice straight line so I can align my ships nicely.
This is true, but one must consider the size of the battlefield - only 120 long - which means that the board can be crossed and distance closed in a single AAF move if used correctly (and the dice willing). I'm also not going to fly straight into torpedoes if I can help it

Also: use the official reload rules. Makes it easier for us to give advice. 
The running out on a double rule no longer exists.
I wasn't aware of such a rule ever existing until I spotted its removal in the FAQ/Errata documents. It's actually noted in the special rules for Reload Ordnance on the cheatsheet, but I hadn't spotted it. The rule we normally fall afoul of is that once a leadership test for special orders is failed, the fleet cannot attempt another until the following turn. That's why during one game only one reload was ever made.
I'm also happy to use the standard rules for testing new information and suggestions, as even the smallest changes affect balance. I do believe that easy reload is in favour of IN more than Chaos.
Again, thanks to all those who are weighing in with their thoughts and experiences! Are there any more fleet list suggestions?