Alright, lets do some math then:
Lets take a unit of 25 state troops with shields versus a unit of 36 Night Goblins with nets and spears. The point difference is 175 to 199, so about 24 points.
Lets take them both verses something like 20 Dark elf Corsairs for ease of use.
Versus State Troops - Swordsmen:
The corsairs get 11 attacks out their frontage, with 6 hits + 3 more for hatred for 9 total. There will be between 4 and 5 wounds, with 2 - 3 after saves. The swordsmen get 4 - 5 attacks back with 2 hits and one wound after saves. The swordsmen get the outnumber and full ranks plus the wound for CR6, while the Corsairs get 2 ranks and 3 wounds, losing by one.
Versus Night Goblins:
The corsairs get 7 hits plus 2 - 3 more from hatred, lets round up to 10. Against T3, their S2 will result in only 2 - 3 wounds. The night goblins then get 9 attacks, with 5 hits, 2 or 3 wounds, and 1 getting through (though a greater likelihood of getting an additional wound than the swordsmen statistically). The night goblins get the same result as the swordsmen, winning by one.
Versus Spearmen:
The corsairs get 7 hits plus 2 - 3 more from hatred, lets round up to 10. They wound with 5, getting 3 through. The spearmen get 8 attacks, with 4 hits, 2 wounds, and 1 - 2 getting through. Again, they win by one.
Versus Halberdiers:
Halberdier fans don't want to know. They lose.
While these first rounds seem good, subsequent rounds favor the corsairs against Empire troops since they move to the break even position due to the State troops losing a wound. The nightgoblins on the other hand grind it out and actually continue to do even better, easily winning second rounds and further distancing themselves in the 3rd and 4th rounds, winning by several points.
Against T4 enemies it is even better.
This is of course in a vacuum, and Shadowlord will point out the LD5 of NG as their biggest issue. It is. But both units require leadersip bumps to be successful. To dismiss the effectiveness of NG units out of hand is to not acknowledge both the statistical and anecdotal evidence to the contrary. That doesn't mean they are world beaters, but they will beat units far better on paper than them with great regularity.
Within the context of the O&G army, where missile units are much cheaper, and giants serve as VERY strong bastions to base hard points around, the army can be very powerful when utilized effectively.
Phil