I have an awesome Harad force and I was considering getting Mahud Raiders for it, but obviously they are expensive and I'm not sure if they're worth the money of the points.
I generally play against my friends elven phalanx with his riders of rohan. How effective/efficient would the raiders be in dealing with an opponent who uses these armies and are they worth it? I would probably get 8 max.

Once you inflict the free Str 4 hit the first time, ...your opponent will become very cautious of them when fielded.

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Personally I have enjoyed using them, they were much more powerful under their old rules, but are still powerful shock cavalry. The Mahud have a strngth of 4 and can use their lances as spears if dismounted as well. The "Impaler" rule is probably most effective against enemy cavalry, as you will kill an enemy horse on a 4+, dismounting the enemy who are then subject to the thrown rider chart and could be killed, and then get hit by the knocked to the ground rule (if they havn't already from thrown rider) if you win the fight.