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Am a 40k player and practically devoid of Fantasy knowledge but I heard there was a models limit??
Not really sure what this is if it is not just pay to win taken to a new level.
Would a 5 models limit end up pitting 5 Imperial Knights against (possibly) 5 conscripts?
Explanation would be helpful thanks .

There is indeed no Model Limit for AoS.

GW pretty much expects players to use their common sense as the balancing factor for every AoS game.

That being said, yes, nothing ruleswise stops you from (for instance) fielding 100 BT's against your opponent's single Snotling.

There is no model limit - at all.

Two players might decide they want a model limit, and that is just fine. But otherwise, you really can just take what you want!

What you might be referring to is the 'School League' rules, the primary limit of which is that your force may consist of no more than 30 models.

However, while this does mean one could theoretically bring 30 Bloodthirsters against 30 Skavenslaves, the greater the imbalance in the number of wounds between the armies, the easier it is for the weaker side to achieve victory or gain additional VPs.

Here's the full text, it does seem to be a great way to play AoS.
http://www.dakkadakka.com/dakkaforum/posts/list/662817.page#8104745