Okey, so I tried the list today. I played against a Dark elf army with two big blocks of spearmen, 10 cold one knights, some shooting, some magic and a kharybdiss. It ended up a crushing defeat. I made the big mistake of splitting the halberdiers into two units of 10, thinking it would give me more flexibility in claiming objectives and using them as chaff. They got decimated quickly by some shooting and battle shock and did not have an impact on the battle at all. The general with the war banner was pretty decent, but not excellent. The "roll two dice, pick lowest" -effect saved me once, and combos nicely with the effect from state troop banners. The "hold the line"-effect was decent. The handgunners looked good on paper, buffed with "hold the line" and "steady aim" and "handgun volley" they would hit on 2+ and wound on 2+ with rend 1. Unfortunately, they fired at some buffed up cold one knights, with a rerollable 3+AS and did almost nothing. The artillery was great of course. I felt that having only one wizard was a problem, since I could only buff one important combat each turn, and could not cast both wild form and mystic shield on the demigryphs.
Next game I will try to find a way to fit the War altar in.