So I broke down and bought two of the lieutenant figures at my FLGS (US$9.95 each). I picked up the Farrows, Sir Alric and Lord Merick. I know a lot of people were curious about them so I took some pictures of the figures with a sorcerer and a beastman for comparison.
Sir Alric:

Lord Merick:

The store also had the other two figures of the first wave (Gata the White Death and Thaadd the Destroyer). I'm not using them in my campaign so I did not buy them. Gata was the same general size since it is a single space figure. Thaadd was about 1.5 times the size of Sir Alric.
They are decent sculpts. Sir Alric has good detail. Lord Merick's features are hard to pick out. He should look better painted.
The figures come with a slotted black plactic base. You will need to glue the figure to the base (fairly standard for metal minis). The biggest gripe right off is that the slot is the same size for both figures. Sir Alric fits nicely into his but Lord Merick's tab to too narrow to fill the slot. With the figure on the base you can see the ends of the slot.

