For now we have The Daqan Lords and Waiqar the Undying. Almost everybody seems to agree, that only two different factions is a major problem for the game, in order to succeed.
Most people also expect that The Uthuk Y'Llan and The Latari Elves to show up as factions. While some (but far from everybody) beleives that Dwarves of Dunwarr and Orcs of the Broken Plains could show up. Only a very few people expect anything beyound this.
So we are looking at a miniatures wargame with 4-6 armies (assumption), is this really sufficient?
I would personally believe it should be in the 8-10 range (in time). But maybe I am spoiled by my Warhammer background (15 years ago).