I am starting LOTR and I was looking to build a 500 point force. The thing I noticed though was the Morgul knights are a lot more expensive then the easterlings. I was wondering if they were worth the points. I was thinking at 500 points going:

The Undying
6 Morgul Knights

This would be my main power unit. I also was thinking

Warg Chieftan
12 Wargs

this would be my second unit. What does everyone think and what about the point difference? I have to say I love the look of the Morgul knights the unit is a really cool sculpt and the undying seems like the perfect match so they can freeze large units. With a quick unit of wargs as a backup and then a large unit of archers and hero to finish off the points!

Morgul Knights are a lot more useful than Kataphrakts though. Morgul Knights have the hitting power of lances and higher stats, as well as causing terror. When you think of good cavalry, there are two things you want.
1. Hitting power. Use the charge bonus to take out what you're charging in a shock assault.
2. Survivability. Cavalry cost a lot. If they're counter-charged, they lose all bonuses for being mounted but allow more models into base contact. Not good if you're in the middle of the enemy lines. Generally you'll either want to kill everything near you to stop a counter, or get priority (through a heroic move?) to give them the charge. Morgul Knights have a bonus with their terror. Even if the opponent wins priority, they have to pass their courage test first to bog you down which means that for more of the time, you remain free to charge or retreat.

That said, I've never used them, the above is theoretical and based on others' experience. And they're still quite expensive so it's up to you whether you're wanting numbers or something elite to do the job.

If you upgrade the Kataphrakts to have 4F and 4C, they're basically just cheaper MK without the lance or Terror. If they're still the same price, they're 4 pts cheaper, with the upgrade, so I would say that they're definitely worth it.

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Well at this point I am looking at an army with

Warg Cheiftain
12x Wild Wargs

The Undying
6 Morgal Knights

9 Khandish Horseman

Something like that for 500 points. I really love the Morgal Knights and the Undyings figure but my other thought is maybe an easterling army as I love the Kataphrakt's and the guys on foot

I wish you luck with that setup. Alot of players (myself included) struggle with an all mounted list. You are extreamly susceptible to bow fire as well as you are probably going to be outnumbered by footmem. 1 Bad priority roll and you could lose everything.

Mounted armies move in waves so the first wave might be charged then the 2nd wave charges in... BOOM

I am talking about normal Wargs not riders. Do they count as mounted? I was thinking of replacing the Kand horseman with warg riders so I have 1 unit of shooting. I really love the horseman models.

Wild wargs don't count as mounted models... because they have no mount lol. So they don't get any cavalry bonuses or anything as far as i know.

I like them but the other thought was something like

5x Black Guard of Barad-Dûr
1x Black Guard of Barad-Dûr Captain

The Undying
6x Morgal Knight

9x Wild Wargs
Warg Cheiftain

This is an elite force not many models for 500 points but it's strong and tough

a few rounds of shooting and you are in trouble to be honest