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Is only 400 points if you give him Ghal Maraz and a horse. That's pretty darn cheap for an uber character that can kill just about any multiwound model it swings at. What do you think?

No one else believes in the uberness of the Emperor?

Ok, how about this - the hammer Karl Franz uses isn't the real Ghal Maraz because that disappeared along with Sigmar. It's just a really powerful dwarven runic hammer.

He is pretty fragile for 400 points.

Ghal Maraz is a good weapon, but the Emperor as a whole is very underwhelming.

Almost no Special Character in any book is really worth the points. They are best used for their abilities that can't be gotten any other way. Karl's Leader of Men ability is pretty nice.

He's as expensive as say, 10 Ogres. Those multi-wound creatures you mentioned. 10 Ogres would kick the living crap out of him.

Most pure combat Lords come in at the bottom of cost:value ratio IMHO. Some Heroes are good buys. But once you get ~400pts on a combat Character, I think it needs a lot going for it. Acharaon, Kholek Suneater, Kroq-Gor all seem crazy overpriced for what they offer and they're just begging to be shot with cannons or whatever.

Karl's only got 3 wounds and T4 despite the ward.

Yup, if you really want pure killy its best to take a generic character, and then Empire isn't the best book for that.

I could make a generic Chaos Lord that is cheaper, tougher, deadlier, and take the hammer and shove it where the sun don't shine.