By far the most important choice when playing Warhammer is the choice of army.
Far too many people start playing with one army for exactly the wrong reasons, only to switch to another leaving the first half-finished and never used. With this document I try to aid those wouldbe-generals with a simple guide to the strong and weak points to each army.
Note however that I have only actual experience with a few of these armies, and that any playability factors are based on speculation and articles.

I have split the list into three parts, the codex armies, the non-codex armies and the unofficial armies.
Codex armies are the armies you can go to the shop and buy a codex for. These are the most common and well-supported armies.
Non-codex armies are those armies that do not have an official codex (yet). Obtaining the rules for these armies is the most difficult, since these can often only be found in a White Dwarf Magazine.
Unofficial armies are armies that have been created by fans, and have no support from Games Workshop at all. Off all three parts, these codexes are the easiest to come by, requiring only a short search on the Internet.

Codex Armies:

Space marines. The Space Marine army consists of the most elite forces of Mankind, and every single model is a hero in his own right. Space Marine armies favor fast attack tactics, though they are very able to sustain themselves in a long firefight.
Advantages: Very easy to use, extremely well supported, cheap to collect, easy to paint well.
Disadvantages: Suffer from over-exposure, seen as a newbie-army, not many possibilities to develop a good tactical sense, very commonly seen army, most non-marine players design their army to defeat Space Marines.

Dark Eldar: Those Eldar who have continued their decadence and survived the birth of Slaanesh. They are a very fast and fragile army.
Advantages: Relatively new army, not used very often, a tactical challenge, total freedom in modeling trophies and other gruesome totems.
Disadvantages: No longer actively supported, fragile, hard to use.

Tyranids: The Tyranids are a collection of races all controlled by their Hive Mind. They have entered this galaxy to devour all life. Their main focus is close combat, though they have some good shooting capabilities as well.
Advantages: Well supported, model range recently renewed, many modeling possibilities, ability to create your own units, special rules allow them to enter close combat quickly.
Disadvantages: Older models strikingly different compared to the new ones, recently received a codex meaning many people have an army, many rules to remember, limited shooting capabilities.

Eldar: Like the Dark Eldar, the Eldar are an army that prefers speed and hitting power over sheer force. Their high technology allows them to out-maneuver almost any foe. Unlike their dark cousins, Eldar have access to the powerful Aspect Warriors.
Advantages: Many different aspect warriors provide a varied choice of troops, high speed, high firepower, Many different painting possibilities.
Disadvantages: Fragile, often seen as an unfair army, transport vehicle not for sale in the shop, some of the older models look out of place.

Chaos Space Marines: The eternal foe of Mankind, the Chaos Space Marines have been corrupted by the allure of Chaos. Supported by daemons, they perform strikes on random planets and are a constant threat.
Advantages: Excellent modeling possibilities, a highly character full army.
Disadvantages: Lower technology than Space Marines, old model range, codex suffers from several inconsistencies, several units branded as useless.

Imperial Guard: The common soldiers of the Imperium, the average guardsman comes in great numbers and us supported by mighty tanks and other warmachines.
Advantages: Cheap troops, many heavy weapons, many tanks, the most human army.
Disadvantages: Models only available in metal, many models needed, weak core troops.

Orks: The orks and goblins are more commonly known as greenskins. These savage creatures live to fight, and they travel in looted or scratchbuilt vehicles to find a good battle.
Advantages: Lots of troops, shoddy vehicles do not demand a high skill in assembly, an enthusiastic army, many opportunities to add a comical note to it, decent hand-to-hand skill.
Disadvantages: Many models needed, unreliable, difficulty in taking out enemy armor, low shooting capabilities.

Tau: The newest army, these highly advanced aliens prefer to expand their empire trough diplomacy, but when forced into a war they have access to extremely powerful weapons and vehicles.
Advantages: Very powerful weapons, exotic vehicles, unmatched in firefights.
Disadvantages: Virtually no hand-to-hand capabilities, little background information, full tactical capabilities not known yet, recent release causes them to be a common and hyped army.

Non-Codex armies:

Sisters of Battle: The military forces of the Ecclesiarchy, the official religion of the Imperium, is made up of the Sisters of Battle. These pious women wear power armor and will take any opportunity to smite the enemies of their Emperor.
Advantages: A rare army that will attract attention, good armor, many flamers make them a tough opponent in difficult terrain, able to use powerful artifacts.
Disadvantages: Limited troop choices, very limited vehicle choices, lack of dedicated heavy weapons, an all metal range of models.

Necrons: Sinister robotic beings are all that remain of the ancient Necrontyn civilization, or are they?
Advantages: Tough troops, powerful standard weapons, difficult to kill, codex due next year, very easy to paint well.
Disadvantages: Extremely limited choices in troops and options, model range nearly depleted, complete metal model range, lack of heavy support.

Harlequin: Those Eldar who are deemed worthy are taught the way of the Harlequin. These travel the galaxy to perform great plays for their kin, and worship the Laughing God, one of two surviving Eldar gods.
Advantages: Extremely powerful in hand-to-hand, extremely rare, the mere mention of their name causes seasoned players to shiver, powerful special abilities and equipment, looks fantastic if painted with care.
Disadvantages: Models out of print and have to be recast, codex in play-test state, limited shooting capabilities, limited numbers.

Unofficial armies:

Squat: Thousands of years ago a group of mining colonies was cut off from the Imperium. Over the years, the colonists adapted to the rugged, high-gravity worlds until their bodies were shorted yet stronger.
Advantages: Powerful vehicles, tough troops, a very rare army.
Disadvantages: Actively opposed by Games Workshop, molds destroyed so models cannot be recast, several versions of the army list exist, very old model are of clearly lower quality, despised by a portion of the players.

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Last revision: November 20th, 2001