Hey all, recently got convinced to pick up the game and I thought I would draft up a list. I would love to read anyones thoughts on this army. Any tips or criticisms are appreciated. =)

Warband 1;
Balin with Durin's Axe.
Iron Guard (4)
Khazad Guard (4)
Dwarf Warriors (4, 2 with bows and 2 with shields)

Warband 2;
Floi Stonehand
Dwarf Warriors (6, 6 with bows)
Vault Warden Team (3)

Warband 3;
Shieldbearer
Khazad Guard (4)
Dwarf Warriors (8, 4 with bows and 4 with shields)

39 models
12 bows
5 Might

looks like a good army, but personally i always like to include some spears in a dwarf army. like beregond 8Womt w/ spear and shield and 4 rangers w/spear.
good luck with the battle and welcome to the forum

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"make me lunch... worthy of Mordor"

Pretty good.

Does anyone else think that Dwarves have suffered from the new Warband rules? All the Dwarf heroes are pretty expensive, so the number of models you can field is very limited.

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"There are few left in Middle Earth like Aragorn, son of Arathorn." - Gandalf, Many Meetings

Indeed they suffered...
My only hope lies in an incoming buff when the Hobbit arrives. At least, some cheap heroes from Thorin's warband to put more models on the game board
I used to abuse Iron Guards because of their two attacks combined with common dwarven warriors with shield (but perhaps are a bit expensive with that stats compared e.g. to a Feral Uruk overall). The banners are too expensive (in my opinion) and the dwarves need some kind of support against great troops as the Reavers or other war gems wandering in there.
I don't like the Vault Warden team. I used to bounce them in battle until they die without great success.
The Khazad guards are my favourite, but as fritskuhntm said, they need some spears (I used that way before warband rules). I'm not sure about Floi. He has just one might point and his rule depends too much on which opponent you face. And you are not going to recharge will as easy as it could seem. The Shieldbearer I think it is more appropiate in bigger army lists with a monster hero like Durin or Dain (anyway, they are not one of my favourites).
Perhaps the Dwarf Captains could be one of the best hero options in the dwarven army.
Sorry, but I'm trying to find my way with the dwarves too with the new rules. I hope you'll find interesting my points of view.
Good luck!

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"All that is gold does not glitter, not all those who wander are lost."

I find at 750pts or more they are AWESOME!! Similar armies to what I would have done under LOME. At 500-600pts I think they suffer really bad.

Dain, Gimli, Balin, Captain
14ish iron
10ish kazad
banner
a few shields
10ish bows

a 600pt I've had some success with is:

Dain (leader)
4 Khazad Guard
4 Dwarf Warrior with Shield
3 Iron Guard
1 Dwarf Warrior with banner

Balin with Durin's Axe
4 Khazad Guard
6 Dwarf Warriors with Shield
2 Iron Guard

Dwarf Captain
4 Khazad Guard

Regress and I are playing a round robin with a friend (the friend normally runs a shade to great effect) thats why floi is in there. More likely he will test his beast army so floi can counter that goblin who turns beasts into steroid munching war machines.

I noticed that no one mention Dwarf Rangers. I've found that my opponent has used there bows to good effect.

Thanks for all the input guys, has been good to see different variations of armies suggested. I looked into having an allied contingent of spears and decided because of lore to abstain from this. I'll see how a pure Dwarven army handles and if later on I decide to ally in some support it will likely be as men from Dale (using either Minas Tirith or Arnor stats).

Now as for Floi, I am quite happy to drop him however it seems many don't run with Floi and I want to try something different to most lists.

I honestly don't like Dwarven Rangers as I would like to. For a Ranger with a bow it is a touch more expensive than a Warrior armed the same, the key differences being the Ranger bow is weaker but the shooter hits on a 3+ as opposed to a 4+. I myself would rather the cheaper option who hits harder.

Thanks again for all the replies guys, it has been helpful.

Don't forget that the Dwarf Rangers has a better range too. The extra six inches should offer you another couple of turns of shooting.

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"There are few left in Middle Earth like Aragorn, son of Arathorn." - Gandalf, Many Meetings

They cover your Dwarves as they move forward.