They have the same basic warband advantages: Hard to kill, hard head, armor, and mostly 4 toughness. Grudgebearers is rolled into the Hired Swords, and Incomparable Miners is replaced by a skill. They do not get Hatred orcs and goblins, or savings on Gromril. Stats are mostly comparable Sorcerer/Engineer (2 starting spells to replace the extra range? Yes one is determined but I'll get to that), Gaolors/Troll Slayers, Chaos Dwarves/Clansmen.
At first glance they have the same 3M hinderence as the regular dwarves, but no not really, the Black Dwarfs also get Infomers which move 4 (and are really cheap) and the Bull Centaur which moves a massive 8. They also have the option for the mechanical suit at M6. This eleminates the slow warband hinderance.
Warband size for the Black Dwarfs is 15 not 12 which is another hinderance removed. i
So far the Black Dwarves have exchanged a longer range with faster movement, more cheap units and a larger warband size. I think I could live with that. Now however we get the part of the balance I really question, the Mancatcher/Engine of Chaos for which the Treasure Hunters have no equivelent. The combination I feel is fundamentaly broken in a campaign setting. Normally when an opposing warbands warrior is taken out of action (OOA), there a a little more than a 1 in 6 change it is removed from the warband roster (D66 roll of 11-15, 61 (with option to return), 65 (with options to return). However any warrior taken OOA by a mancatcher/engine is 100% removed. Over the long term that more than covers the cost of the items and seriously reduces the oppossing warbands.
To further add insult the Black Dwarves then get to keep all the equipment of the captured warrior (usaully that happens only on a 1 in 36 chance under Captured) adding valuable gold to the Black Dwarves treasury at the same time the other bands are bleeding it out replacing warriors. The Black Dwarves then get further benefits in XP or gold, like the Possessed do under captured or other who sell the warrior but the BD have a chance that all wariors get an XP bonus! and remember this is every warrior they remove with the combination not just a random 1 in 36. I dont think the option to "free" the captured from the wagon makes up for this, any decent DB player will keep the wagon well away from the enemy, voluntarily routing if needed to insure that the enemy warriors are removed from the roster. The wording seems to imply that warriors taken OOA are instantly transported to the wagon where ever it is on the board, at which point an opposing player would often have to cross the entire board to even attempt a rescue. Even worse is that second spell the sorcerer gets. By using it, and feeding captives to it to lower his target number the enemy warriors are permentantly removed before a resuce could even be mounted. And if the sorcerer is lucky he gets more XP for that. The rules dont even restrict the Bd to 1 engine, in infact imply they can have more than one Unless there is another engine, no models may be captured until they return.
Overall the BD seems to remove the major hinderences of the similar Dwarf Treasure Hunters, then add a massive XP/gold gainer and the ability to remove large numbers of opposing warriors from the game entirely. Am I missing something?
Looters (Hochland Bandits). Once a looter has rolled a sucesful loot he can not roll on further OOA warriors that turn.
Imperial Outriders. I'm not sure about the cost. givin each member a 40gc horse is a real advantage.
Pirates Shanghied rule may be broken. Why does it apply to humans only?
Pit fighters may get a lot of equipment for free.