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How important are Librarians in a competitive list for 1850pt RTT tournaments? I know Lash is one of the top tiers and I suppose countering WarpTime would also be nice.
How useful is the Psychic Hood that nullifies phychic powers within 24" radius (48" diameter). How often would it come to play? I don't know the local metagame, but there seems to be pretty much every army accounted for. Just how many psychic powers are there that can be countered? There doesn't seem to be that many psychic powers these days that the hood would be effective against.
I am looking at an Epistolary (150pts). Are the points better spent elsewhere?

You don't play Ork or Tau much, eh? =p Not much in the way of psychic powers there, except for the Ork weirdboy, which is a little used model.

*EDIT* Tyranids are also short on the psychic power chart.

I play Tau every so often, but mostly SoB/WH, IG, CSM, and Deamons.
So basically what I'm hearing is only CSM, Deamons and other SM armies will use psychic powers. What about Eldar/DE?

Eldar are extremely reliant on their psychic powers.

Dark Eldar don't have any truck with the warp beyond the webway.

I've found that with a firepower list, a null zone librarian is ++. Most of the CC nasty that comes your way will have some uber character with an invulnerable save that you want dead, dead, dead. Lord help you if you've got a TH/SS termie unit knocking on your door. Those re-rolled invulnerables really can swing things in your favor. The hood isn't always a positive (since it's not always useful) but it's never a negative. The only problem is the lack of an invulnerable save and a lackluster stat-line. If you think of him as an upjumped sgt rather than a killing machine, you'll do better.

Well, I never go out without a Librarian in a tournament list.
My Libby gets terminator armor, storm shield, nullzone, and the gate.

Blocking psychic powers is very useful but also very annoying to your opponent and so has a psychological effect on your opponent as well.

a librarian offers some much needed psyker protection that isn't offered elsewhere. In addition you can take Tigurius and do some serious damage with his special rule. In my opinion, the special characters in the SM codex are sooo under costed you have to try and find a reason why you wouldn't want one.