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Ok Dakka after much cogitating on the subject i have come up with a rough 2000 points army list. I think it works, you may not.
I have left off all the standard, comes with wargear and only listed the upgrades.

HQ
Farseer - Doom :80
Warlocks - X5 - 1 enhance, 1 embolden, 3 destructors :175

Avatar :155

Elites
Fire Dragons - X10 - Exarch w/firepike, tankhunters :195
Wave serpent - Shuriken cannon :100

Fire Dragons - X10 - Exarch w/firepike, tankhunters :195
Wave serpent - Shuriken cannon :100

Fire Dragons - X10 - Exarch w/firepike, tankhunters :195
Wave serpent - Shuriken cannon :100

Troops
Guardians - X15 - Shuriken cannon :125

Guardians - X15 - Shuriken cannon :125

Guardians - X15 - Shuriken cannon :125

Heavy Support
Falcon - Scatter laser :130

Fire Prism :115

Total :1915

Now no doubt you will have noticed that I've got 85 points going spare, which brings me to my other question.
What am i gonna spend it on? I was thinking mostly upgrades for the Wave serpents. Maybe Starcannons?

C&C welcome. Any questions, just ask.

Have you considered Spears for the farseer and the warlocks?

Perhaps an holofield for the falcon? The falcon would rly like that

and are you gonna put the warlocks on foot? thats rly dumb.. Or are they going in the falcon? thats rly dumb to..

Have you considered Spears for the farseer and the warlocks?

Perhaps an holofield for the falcon? The falcon would rly like that

and are you gonna put the warlocks on foot? thats rly dumb.. Or are they going in the falcon? thats rly dumb to..

A useful expansion on this
1) With swords they get more attacks on the charge and are still S9 against vehicles, only difference is you can't throw them, which is what pistols are for
2) They are extremely good, if you've got the points left over add them, otherwise leave them out since 35 is alot for 1 upgrade
3) I agree its a silly idea too, here's why, on JB they get a 3+Sv with 4++, cast fortune on them and they last a very long time! The reason not to load them into the falcon is because its a long range gunship, you don't want it at close range to the enemy

Now my advice,

I'm assuming this is a hybrid list?
So tactics wise, i can see the dragons shoot forward to threaten armour, while everything else foot slogs it, personally i'd stick to all mech, or all foot, in which case eldrad is a must, but i feel the avatar is going to stand out like a sore thumb, i imagine the guardians will be alongside of him, which deters attacks on the guardians, useful for holding home objectives!

way too many fire dragons
Drop the squads down to 5 and lose the exarch, 5 melta's is definatley enough for any tank, Add SS on the fire dragons WS also, since you want to keep it moving.

Personally i like using guardians but not with that load out, i run 10 with EML and a warlock with embolden, which means they can contribute with long range fire while they hold objectives in the backfield, if you've got spare points use scatter lasers over starcannons, they're overcosted and cover will keep any MEQs quite safe. Add in a small DA unit to ride in the falcon, that way it can sit by an objective and count as holding it

Heavy support is good, i'd run 2 fire prisms so you can link the beams however.
My suggestions on this list are:

HQ
Eldrad Ultran - 210
Warlocks - X5 - 1 enhance, 1 embolden, 3 destructors - 175
In a Wave Serpent w/h
TL-SL
SS

Avatar :155

Elites
Fire Dragonsx5 - 200
Wave serpent
TL Scatter Lasers
SS

Fire Dragonsx5 - 200
Wave serpent
TL Scatter Lasers
SS

Fire Dragonsx5 - 200
Wave serpent
TL Scatter Lasers
SS

Troops
Guardians - X10 - 100
EML

Guardians - X10 - 100
EML

Guardians - X10 - 100
EML

Dire avengers x5 - 60

Heavy Support
Falcon - Scatter laser - 130

Fire Prism - 115

Fire Prism - 115

Total :1980

Hope this helps some what