And also interesting to see if you stick to your principles after you’ve played a few games with borrowed armies!

We’ll see; I’m not holding my breath for any changes.

Counterpoint: Fantasy doesn’t necessarily have more models. Some WHFB characters can meet, exceed and blow right through the most expensive 40k characters. What’s the most expensive 40k single-model unit? I don’t think there’s anything off the top of my head more than 300 points. Maybe a fully upgraded Tyrannofex, but that’s going to be around 350, maybe and all those upgrades are a poor choice. In WHFB a large chunk of points goes towards your characters. So yes the troops may be cheaper, but it’s generally balanced out by the expensive characters.

Furthermore, two Skaven IoB sets are easily 1200 points with upgrades for the characters (even without the Battalion Box). You could push it higher with crazy upgrades but that would be foolish. When you start adding in warmachines and the heavy hitters it starts to get even more expensive.

Your other reasons are totally valid, however. I got out of Fantasy back in 5th edition for many of the above reasons, though the intervening years have changed my mind.