Campaigns in 40k 7th Edition?

I've played a few games in 7th now, and am starting to get back into the local scene with a few friends. Friendly games are fun, but after a while the missions get pretty repetitive, and simply do not provide the narrative that makes the game so entertaining for my friends and I. So we discussed creating a game league, or doing a narrative campaign. Both ideas would reinvest interest in the game, but which one to pick?

Being a small area with a couple dozen players total, fewer of which would even participate in weekly matches, it seemed best to go with a narrative campaign. The Planetary Empires rules where a bit out of date though...

Then my friend suggested I read through Crusade of Fire. So I did. And I loved it.

Planetary empires... but new! With maps for different planets! And special scenarios for gaining ground on a new planet (like Planetstrike) or attacking a Hive city (Cities of Death). Better yet, it arranges its players into 3 factions. This sounds like pure gold... rather than have two sides gunning for each other all the time (or worse, every player for him/herself), you have 3 faction politics and all the hijinks that goes with it (If you have ever played Planetside on PC, you know what I mean!).

With 7th edition, however, and the prevalent use of Formations and Superheavies, the campaign system is going to need a glance over. I'll be brainstorming with the other campaign GM (seems like we are heading towards splitting duties) and I will keep you updated with what we come up with.