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Codex: Chaos Daemons
Daemon prince can take Chaos armour upgrade (3+ armour save)
It can also take Greater rewards, that generate random bonus, one of it is Iron hide or something (3+ armour save).
As it is duplicate effect, does daemon player gets to re-roll the reward effect or is the roll effectively wasted?

Effectively wasted

When the codex came out I was hoping for a quick FAQ on this (and other issues) but hope is fleeting

I've been getting this a lot lately with my Bloodthirster, who seems to like rolling up the 3+ save ability. Just swap it for a magic weapon; that's what they're there for!