I don't think it is , just to qualify my opinion , I don't think warhammer is a tourney game either but it has a large following of idiots playing in tourneys and carrying on about composition etc.

I like the game , but there are too many things that are out of whack points wise to even consider it a balanced game for tournament play.

e.g Ringwraiths only costing 125 points

If you were playing in a tourney or campaign would you consider restrictions ?
e.g
x number of shots a turn
x number of epic heroes or % of army ?
x number of magic mastery levels ?

Why wouldn't it be?

There won't be any restrictions in plenty of official tournaments (like in Warhammer when you can use special characters).
But I can also see plenty of tournaments restricting epic heroes and legendary companies (just like restricting special characters in Warhammer), and a lesser amount restricting other things (like comp tournaments in Warhammer).

I'm looking forward to start playing.