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Since I'm new to 40k and the BT, I've got this simple question: Is High Marshal Helbrecht worth it? He feels a bit underwhelming for 175 pts.

you have to take him in an lrc with either an assault termie squad or his command squad, and then yes, but alone or only with a crusader squad no.

No, not really. Helbrecht's got too much junk, you can get a Terminator Marshal with the same benefits that hits harder for less.

At his minimum pt requirement he's a drain, but at 2k pts he's tolerable.

avantegarde, have you truly looked at him while inside a command squad and what he provides? alone, yeah not so great, but with his squad of doom he is a monster that needs no help, he is not like many other special characters that can go it alone often enough and give help that way, like all BT stuff he is meant to be played in concert with other units and such to get his maximum benefit, I use him as an IC killer in close combat, and his combi melta has proven invaluable many times over.

Deathstars don't really work in 40K.
Besides, the mandatory (but awesome) EC + Helbrecht is way to many points without adding an unwieldy deathstar.

The Emperor's champion can't join a command squad, FYI.

I've used Helbrect in a command squad decked with 2 meltas, apothecary, company champion, and a combi-melta/ PF on the sgt.

Put them in a pod or a LRC, either way it's 4 melta shots on the drop or before a charge. It can be expensive, but it's fun sometimes.