How would you list the different factions in strength right now? Up to the release of the Fourth Waystone and March of the Damned.
Here's mine, not a lot of tournament play here, so a lot of this is what I see on paper. And of course, this is all IMO, and what I would expect in a tournament environment. You regular tournament players should come in and tell us what you think.
#1: Dwarf:
Great throughout the entire game. Can do everything (except rush) and can do it well. They also have the best reset.
#2: Orc
Solely for rush alone. In a tournament, Orc will run through a ton of decks, just because they aren't equipped to deal with rush.
It's kind of funny though, because Orc has some good options for support destruction and a solid reset. I don't think their late game is very good, because they have few good sniping options. (God **** you Wilhelm, putting Beardburner in quest!) Grimgor is a showstopper though, that's for sure.
#3 Empire:
The most consistant early game. They have really good options for setup in the first two turns. Their reset, while the most powerful, is kind of a newb cannon, but if you're feeling creative, you can build around it.
They have the best disruption of the Order races with Rodrik's Raiders and infiltrate. Unlike Dwarf though, they do have weaknesses: They are squishy (I know I celebrated when I saw that first 2 HP character under 3 cost) which creates some problems matched up against Dark Elf. And they don't have great options for damage in the battlefield. Knight's Panther is definitely a step in the right direction though.
#4 Dark Elf:
Also an excellent early game, Shades are nuts, Vile Sorc's are nuts. Slave Pen is an excellent addition as well. Easily the best control in the game (if you can keep them down). My only issue with Dark Elf is once someone plays that lucky Contested Stronghold, or Mining Tunnels and build those cards back up, you're SOL. All your work for naught, (now we know why Malekith was so angry.) They have zero good options for pricey supports, and no reset to speak of. Withering Hex is a step in the right direction though, and actually quite good in the early game. Naggaroth Spearmen is great late game, if you can keep him from getting killed/returned to hand/corrupted by the novel of cards your opponent probably has in his hand by this time.
#5 High Elf:
6x better, though still 5th. They've gotten a GREAT new first turn option against all but Orc (Dreamer + Dragonmage Ascension), and good late mid to late game options with indirect damage.
Their utility is better than Orc and DE, through access to Demolition and Skinks of Sotek. Lizardmen in general seem to do really well for High Elf. The Spawn of Itzil makes indirect damage a bit scarier too. They have lots of great combos that are just horribly fragile (mass healing death, wake the dragon+gift of aenerion, dreamer nonsense, etc.) so when left unchecked, their ranking will soar. Their reset is cool, it can be beneficial to you because of the back to hand, but this also makes it less useful vs rush.
#6 Chaos
Definitely the black sheep of the game. Bad early game, bad late game, no reset, little utility. Corruption is good, but not as a theme in itself. It's best coupled with Rush which Chaos cannot do, or card disruption which Chaos cannot do.
You can make them work in tournaments, but you have to be lucky and draw into your core resources early. They do have some fun cards though, and some cool combos. (Berserker Fury + Valkya) (Blood Summoning + Skaven/Rat Ogres) Raise Dead + Bloodthirster)