Yeah the new FAQ is a shame, because he used to be pretty much a staple in my armies, and he alongside Gil-Galad and a couple of warriors to create traps can take out literally anything in one turn. Now though, he is still useful and probably alright for his points, but he is less versatile than before because like you say, he has to dismount to use the ring. He used to be an absolute steal for his points, and now he is admittedly worse, but still has his uses.
I used to take him at 850 with Gil-Galad and the twins, and at 1000 with Glorfindel thrown in as well; now however I am unsure as to whether I'd rather take a Rivendell Knight Captain instead, who may not be able to play the same kind of tricks, but will kill more. The great thing about the old Isildur was that, similar to Gil-Galad, he was the perfect all-round combat hero, capable of killing troops and dealing with enemy heroes and monsters in equal measure. Now, once you use the ring to take out a hero or monster, your troop killing power, along with manoeuvrability, are gone.
PS. forgive me for thread necromancy; Haven't been on here for ages. Also get yourself on the GBHL facebook group in addition, as online activity has slowly shifted from here and TLA over to there.
