Pros: D7, 2 fate, 2 might, armoured horse, F5
Cons: He's 10 points too expensive, no Will
Theoden's a good choice, people discount him too quickly because he's not points efficient. He's 10 points too expensive when compared to a Rohan Captain which puts people off. However, just because you pay a premium doesn't mean he's not worth taking, no Will is only a problem if your enemy has spell casters, C5 + Erkenbrand's horn means he won't need Will for courage tests often. In addition, he's one of very few Rohan heroes that can bring an armoured horse along (great for surviving all non-elf archery) and his 2 Fate make him more durable than a captain. Probably his best attribute is he gives Rohan another F5 hero which makes a huge difference against most armies, Thedeon charging gives you a F5 3 attack hero with knockdown, not to be ignored. Sure it's a shame fluff-wise that he doesn't have a special rule but just treat him like a buffed captain and he's really good. He's definitely too expensive but that doesn't mean he's not worth it, the extra tactical options of having another F5, D7 hero in your army are well worth the 10 point premium on my opinion. Assuming your going for fluff (so no Eorl) I'd put him in a list 3rd or 4th (depending on the points value) behind Eomer, Erkenbrand and Eowyn.
Plus the model's awesome which is what really matters!
