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Using 2 Spearhead Detachments you have 92 Points to spare for fancy upgrades (or 7 dudes)

Each detachment consists of:

1 Chaos Lord

6 Havoc units each consisting of:

1 Aspiring Champion
4 Havocs with Heavy Bolter

704 pts. per detachment

I know this list is stupid, but could you help me by telling me why exactly? Other than too few wounds for soaking?

1) You might have a hard time keeping all of them in range of the lord for the reroll (and keep the lord safe).
2) Positioning will be crucial since a drop nearby can take 2-3 squads out of commission without overwatch.
3) You have 14 drops making it easier for your opponent to go first, which means heldrakes, terminators, and the like coming in for turn 1 charges and shooting.
4) A landraider with an assault unit popping smoke will soak 2 turns of shooting assuming full strength each turn.
5) An objective behind LOS blocking terrain could ruin your day.
6) You have few options to succeed at maelstrom of war.
7) Deployment off to one side will make it difficult for you to focus all the shots to one area.

It's not a terrible list, but its really inflexible. I bet it'd be fun to watch for a while. If I played it I should have first turn. Magnus would roll up, smite one almost totally off the board and charge 2-3 other units nearby. On your first turn you're short 16 HBs - not all dead of course, but useless enough. Throw a heldrake onto that and another 12-16 HBs would be out of the party.