I think this is a very good point. Elsewhere I have seen some post that WHFB is not a viable tournament game, is not really intended to be such by GW, and people should stop stressing about this. WOTR does not seem to be nearly as much of an appalling mess, but I think that I would agree that it is not as balanced as the other wargames I play.
Locally, we have a lot of fun with it - and even this whole episode of 'silly season' competition prep with RAW lists has been pretty amusing (though of the four armies I know of exactly... none are from the 'Good' side lol). For this reason, I think there is something to this game and find it an enjoyable challenge for the evening. However if I went to an event with the typical obvious evil things (see earlier post in thread) then I wouldn't exactly consider the result all that meaningful!