The common opinion, as far as I'm aware, is that they're not quite competitive. I've never seen them on the field, but I'd imagine that they'd perform decently, not too bad but not above and beyong the call. Mind you I've no real clue.
But they are fast moving, large(with skinks) units which can still put some pain. Not too much though, I'd recon.
They are great as offensive powerhouses... they are also defensively awful.
While you'll kill enemy characters/bells/monsters with relative ease you are also really really easy to kill since a character on Krox is US5 and that means that even if you place him in a unit he can be targetted seperately by magic and shooting- enemy bolt throwers will be going straight for your krox... and if its 2k then your general on top is going to be pretty easy to kill (relatively easy for archers, but very easy for bolt throwers).
I play a krox pretty regularly (Im ogres) and I rightly fear it... but if I get the charge its pretty dead. If I use HE it just gets pincushioned to death- the magic isnt so bad as my friends adds the mirror shield thing to bounce magic missiles.
I would rate it a solid B, good but not great... if you could get shooting protection for it (like hiding it in a unit of cold ones) then it would get an A+. As it is a properly built Slaan is just plain better.
As I mentioned in the post about cold one cavalry a unit of 11 skinks with a musician and a kroxigor make an excellent flanking force. They get +3 combat res for ranks (at least to start), the krox causes fear, has 3 strong attacks, and increases the unit's Ld to 7. And it can stand and shoot if charged. I've found that this unit (I field one on each flank) will either overpower the token forces most players put to one flank or the other or prove a serious challenge for the rare player who tries a major flanking maneuver, buying me enough time to counter the threat. Check out the points, it isn't that much for what you get.
Oh, don't bother giving them a standard. You risk giving up the points for a captured standard and it doesn't really add enough to justify it. You already get +3 for ranks and a good chance of outnumbering, too.
At the most recent Indy GT in Texas (Capital City Carnage in Austin) Skaven and Lizardmen did the best. The LM armies tended to have one Skrox unit (skinks with Kroxigors) due to the movement speed, hitting with two ranks with Krox, fear and hitting power of the Kroxs for the reasons mentioned in the prior posts. This unit is viewed as an option and is often only marginally worthwhile for the points. But when used effectively with the Slaan in Temple Guard, skink priest on EOTG, and Steg with war spear as the standard characters set-up for three primary units combined with lots of skink skirmishers (including with Razordons or Salamanders) and possibly with a unit of Teradons (at least one forest on most tables) seems to do quite well in a modestly comped environment, especially since opponents focus the heavy artillery and shooting on the stegs. Of course, this may be because the DoC armies and certain other cheesy army builds are being nerfed while the LM (and skaven) armies are being allowed to run more optimized builds. DoC, DE and VC lists are generally not the rediculous lists because, even though army lists are not comped, they are reviewed and approved by each tourney organizer for brokenness and unfairness and do factor into some sportsmanship scores (determined by opposing players in each game as a "bad" or "good" game with some subset of players giving one "bad" game out of the five for the worst experience, including an army perceived as unfair or not fun to play against) and each player rates his opponent's army each game for its level of toughness on a 1 to 5 scale.
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