So I tried out the new wizards, I must say... they're pretty frigging amazing.
The Lore of Life guy can do plenty of damage just as much as he heals, and the Shadows guy makes everyone move around at hyper speed. Also that guy's damage spells are absurd.
I think if I had to pick between the two I'd go for the Lore of Life, simply because if you just have him as your only wizard, you can spam your spells and have his passive constantly heal everyone on the map. The only problem with him is that his damage spells have pretty small AOEs but I think that can either be good or bad depending on your circumstance.
The hyper speed movement from Shadows is pretty amazing too though. And that pendulum spell is bonkers. He's kinda all about slowing and speeding up people so it's kinda fun to play with as you can really fuck with enemy cavalry.
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I would imagine Life would be pretty lackluster for Wood Elfs.
This is because WE have almost no armour for their units, making their HP just their HP basically. However, for Empire, they have armour on top of HP, making the heals significantly more efficient. I would imagine for WE you'd rather kill your enemies faster as your units don't live long enough in melee to be healed in the first place. Unless they were the trees. Do trees have armour?
I'd be very frigging amused if Chaos had this. Can you imagine how hilariously OP it would be? Trying to take down Chosen only for them to heal up.