::buffs monocle, replaces it on his eye:: Ahem, if I may interject....
I find myself caught between two points of view on here; firstly, the pike is a weapon meant to pose a major, very real threat to cavalry. If I'm not mistaken, heavy cavalry were utterly demolished when making frontal charges on pike regiments, the impetus of their shocking charges was nearly always disrupted to the point of ineffectiveness due to casualties. So, a pike should pose a rather serious threat to enemy cavalry, regardless of point value. One could argue that it would be common sense for a cavalry commander to avoid pikes, and pay the price if he chooses to charge them on the front.
However, I think perhaps the strength bonus takes things too far. I feel a simplification of the rules is in order, and I pose the following rules, taking into account both the existing rules and the discussed modifications here:
1) Pikes fight in 4 ranks from the front, and must use hand weapons for flank and rear attacks.
2) A pike unit is considered a Defended Obstacle from the front.
3) Pikes Always Strike First on the first round of combat if charged, regardless of any similar abilities. Note that this is pikes, the weapon, and therefore only applies to frontal charges. This represents their superior reach. In all subsequent rounds, pikes Strike Last due to their ungainly length.
4)Pikes do not double their movement for a charge; when declaring a charge a pike unit must be within it's normal movement to reach the enemy. If the charge fails, they move forward their full amount as normal.
To me, this is a fair and simple way of handling pikes, without making them excessively powerful. Heavy cavalry will be seriously deterred from charging them; between losing their lances, being struck first in combat despite any special abilities, and potentially losing retaliatory attacks due to casualties from all the attacks (as many as 16 of them for a basic bretonnian lance charge). There are some drawbacks; pikes are mostly defensive in nature, so generals who find themselves needing to go on the offensive will find them frustrating to move into combat. Pikes that charge the enemy lose their potent ASF, making them vulnerable to enemies smacking aside the spearheads and hacking off the ends, and then being ripped apart as they work with their ungainly weapons. This too is historically accurate, for that is precisely what greatswords were designed to do: throw pikes into disarray so other soldiers could get past them.
Cost? Well, I think 8 is in line with it, because we don't want to price them out of existence, and under these rules a decently armored foe is going to take some serious damage (as they should), but it's not the guaranteed deathtrap that 16+ S5 attacks represents. A pike unit will force enemy cavalry to move elsewhere (and light cavalry will be destroyed if foolish enough to try their luck), which is the idea of pikes: destroy the cavalry or force them to a more desirable place to be engaged.