Let me know what you think.
Floi
Dwarf Captain w/ shield and throwing weapons
20 Iron Guard
29 Dwarf Warriors (17 w/ shied, 11 w/ bow, 1 nada additional)

700 points, 3 might, 51 units, 20 throwing weapons, 11 shots.

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http://noddwyr.wordpress.com

I don't think that Iron guard really work in huge numbers. Khazads maybe but I don't think Iron guard. Swap the captain out for mardin, swap half the Irons for regular dwarf warriors with appropriate equipment, and get a banner and some khazad guard if you have any points left over.

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"War does not determine who is right, only who is left."
- Bertrand Russel

Thats interesting. i have never played dwarves, why dont they work in large numbers? That many throwing weapons and 2 attacks should be able to dish out quite a bit of damage.

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http://noddwyr.wordpress.com

15 points as base-cost for most of an army is just too expensive, simply. One exception is army of the dead but they are just about the only exception. D6 will easily be killed by any bow (by 15 points' standards) and having so many will mean that you will have to expose them in one stage or another. You will also break easily and C4 isn't that reliable. Having your precious 15 point models legging it off the board early in the game is not good (in this case, say that the enemy had priority and had charged your heroes, this is also partly why Khazads and AotD work.) But you may prove me wrong and it may work very well. I just don't think it will, that's all.

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"War does not determine who is right, only who is left."
- Bertrand Russel

Thanks for the input. Ill have a think and maybe a playtest and get back to you.

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http://noddwyr.wordpress.com

It would be good to have a banner. Iron guard do very well when they are back up by a banner.
I don't think it would do well against armies with a large number of bows, but otherwise I think the massed Iron guard could do ok so long as there are enough heroes to keep them from running.

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"Wait. Am I out numbered by Dwarfs?"
If I had a blister of Khazads each time I heard this.
...then warbands...

I say play test it. although I would get at least 5 khazad in there cause they have their role in every army (D7 and bodyguard are great), but so do iron guard (str 4, 2 attacks, throwing weapons? yes please!)
one thing that really should be improved is your bow numbers, max out on them. (heck your dwarves, str 3 bows make a mess of stuff and really helps against gobs (as you wound everything on 5s))

Havent had a chance to play test yet but I made some changes based on the feedback, here is what I've got:
Floi
Dwarf Captain w/ shield and throwing weapons
18 Iron Guard
5 Khazad Guard
27 Dwarf Warriors (11 w/ shied, 15 w/ bow,)

699 points, 51 units, 3 might, 18 throwing weapons, 15 bows.
I was thinking about swapping out the captain for Mardin for the extra might but the captain might be better at getting kills in something like Contest.

EDIT: Didnt take a banner because I am already lowish on numbers and it would cause me to lose 3 guys.

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http://noddwyr.wordpress.com

Mardin is not many better as a normal captain only when your enemy has trolls but they are not a common sight anymore.

Don´t take the banner 2 attacks and fight 4 is already enough. This army can work very well . The problem is that it is hard to play against a grey company army you are dead but against a goblin horde think can get funny. You have 18 of the hardest hitting dwarfs in the game and you have to use them. The greatest danger is that 9 are in combat and the other 9 are behind the lines because they can´t get in combat. I think this army works very well against horde army but against shooting heavy armies not.

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"There are only 4 things you need in life: Lasagna, beer, a girlfriend and of course a gondor army."

I wouldn't take mardin over the captain purely for the spear but for the extra might which is severly needed in this list.

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"War does not determine who is right, only who is left."
- Bertrand Russel

But then you are spending more points then needed at 1 might.

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"There are only 4 things you need in life: Lasagna, beer, a girlfriend and of course a gondor army."

10 points (or something around there) is pretty good for an extra might I'd say.

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"War does not determine who is right, only who is left."
- Bertrand Russel

If you are going for mass numbers in a dwarf army rangers are the way to do it.

Balin
18 Iron Guard
22 Rangers + 2H axe
20 Rangers + Bows

699pts, 61 models, 3 might.
20 3+ bows, 19 4+ throwing weapons.

If you keep the Iron guard behind the 2h rangers you'll make sure they stay relatively unharmed from bow fire. You'll be able to outshoot most armies and you have 19 'captain' level warriors, Fv4 S4 A2 D6 is the equivalent to most human captains and will be able to make their way through morannons and goblins with relative ease. Balin is there simply to provide heroic moves and his might shouldn't be used for combat (unless absolutely required)

Ooo I like that list. Thanks Newbie. Will have to give that a playtest.

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http://noddwyr.wordpress.com

Id still like to get at least a few khazads in there. if your against str4 then they are killing 15pts on a 5+, 5 khazads would be great to put in the army, let them tank the hardest hitting units in the enemy army