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I've played a lot of games with Vulkan and think he is priced about right. Sure, if you build up a captain he looks like a bargain, but that's part of being a special character. He still only has 3 wounds and no Eternal Warrior.

As for the sweet deal of TL Melta/Flamers... just remember that they are short to mid range weapons. To maximize Vulkans power you take loads of them, but long range opponents can make you pay.

I've also found that TL Meltas are great, but it is really a sniper army that relies on several precise shots instead of torrent of fire. If someone gets a hot hand with Smoke Launcher or KFF rolls, your TL hits don't mean much. Still, I enjoy Vulkan and have a hard time playing Vanilla without him.