Looking at the new Lion Standard Bearer (Steadfast: Fear) alongside the Reanimate ability to try and understand how valuable Steadfast really is, especially since the cost of the Lion Standard is pretty big for an upgrade, Reanimates are still pretty cheap considering they have Steadfast: Doubt built in, and for the fact that the Reanimate ability hasn't come up for me in a game yet.
I started with a table of distribution for all of the Morale keywords and their cost:
| Cost 1 | Cost 2 | Cost 3 | |
| Fear | 8 | 2 | 2 |
| Confusion | 7 | 3 | 2 |
| Doubt | 0 | 3 | 3 |
The first thing I notice off the bat is that the Lion Standard works 2/5 of the time, while the Reanimate ability works 1/5 of the time. Just by that comparison, the Lion Standard looks twice as good.
But the second thing I noticed was that the likelihood of drawing a 2 or 3 point Doubt Card was much greater, so then maybe there is a valuable trade off there?
I took a look at what's in the actual cards, and ignoring cost for a moment, and I think that Steadfast: Fear still holds the edge. For 1 cost, you get Frozen in Dread, which gives the unit an immobilize token. This could be disastrous at the wrong time, so avoiding that is extremely valuable. For 2 cost, you can get what I think is one of the most disastrous cards in the game: Uncertainty. Uncertainty lets your opponent perform a reform action on your unit which can, in my experience, seal the fate of the unit in question. Uncertainty is only outdone of course by the Fear 3 cost, which is Flee in Terror. This is reform and a speed 2 march. The potential of this card is extreme. Definitely want to avoid this.
By contrast, the doubt cards are a little more tame. The 2 cost card removes a tray from the backmost rank. Devastating against expensive 2x1 units like archers, but not such a big deal vs. bigger blocks of reanimates... especially if Ankaur Maro is around. The three cost card is "Betrayal" which causes the unit to attack itself. Now this one is not that big a deal for archers, especially if they're down to just a tray. On the other hand, it's crazy bad for a 3 or 4 front block of reanimates, especially if Ardus is riding along. So really, it feels like Steadfast: Doubt is pretty good if you have that large unit of reanimates, but only 1 in 10 morale draws.
One other thing I'm thinking about is how much panic each army is likely to encounter. Because reanimates and archers can use a modifier to cause panic, they have good synergy with Terrifying Heraldry, meaning that Daqan can expect to get a lot of spare panic dumped on them. Oathsworn do have Impact 1 for additional panic, but that's only going to go off once or twice a game. So it seems like Daqan are going to be taking more Morale tests against higher cost cards than Waiqar, which makes the value of defending against morale that much more valuable.
The last value piece I can think of is that the Lion Banner takes up a valuable Heraldry slot while the reanimate ability is free. It does have 3 armor, so it adds some toughness to the unit, but is it enough once you compare it to the other good options out there: The Raven and Eagle banners, or the heraldic surcoats?
My conclusion is that the Lion Banner is definitely more valuable than the Reanimate ability. But is it worth 5 points and a heraldry slot? I'm not sure I can make that argument just yet.