Play a good dwarf player. You will be surprised. I am not saying you couldn't win, but I am just saying a good dwarf would push you much more than you think. The player I'm talking about tabled a cheesed-out chaos dwarf list last weekend. His only loss was when his hammerers failed to kill a solo fiend and overrun into another unit, and he then failed a LD 10 re rollable panic test which sent his lord off the board... so not necessarily a well balanced loss. I think you are underestimating them, and I think you haven't actually played a dwarf player who fully understands how to optimize them.
As you said, you can't just consider the units available in 1 v 1 match-ups (the reason you put WE higher than some armies). It is about how the units tie in. Sure, ironbreakers can't kill anything, but they can easily win on static combat resolution. a 5-wide unit of dwarfs can be set up to have 2 characters with 1+ re rollable armor saves that are immune to KB and poison taking up 3 of the models in the front rank (one on shieldbearers, and lord cannot be hit with anything higher than S5... anything at higher strength directed towards him is automatically lowered to S5.. which when combined with his T5 and 1+ re rollable armor, hes nigh unkillable, particularly in a unit of hammerers). This combo denys a huge chunk of combat resolution for the attackers (remember, champ in front rank too, so 3 models of the attackers are in base to base with the dwarf rank and file models max). They can get T5 unbreakable redirectors for 50 pts (solo dragonslayers). They can get a few GTs at S4 or S5 with re rolls for all artillery dice. Their cannon's can re roll misfires with a cheap rune. And organ guns are organ guns. The anvil can be game-changing, particularly when combined with miners, who can then come on and charge in the same turn. Not to mention they can shut down any magic phase out there that isn't from dark elves, with up to +4 DD AND 3 dispel runes can fit on a single runepriest. Remember,
VC don't get re rolls either unless you cast a spell, which dwarfs have the capacity to shut down easily. They can also take characters with a flaming weapon, so they swing first and remove regen, BUT if charged with a unit or model with a 2+ vs fire, the rest of the unit does not have flaming attacks. Consequently, its a much better counter to regeneration than the banner of eternal flame. They have tools to deal with anything if you know where to look for them.
As I said, if you want to see what they can do, come on universalbattle.com and play shadowmage's dwarfs with one of your all-comers lists. Maybe you will win, but I think it will be harder than you think. Consider it a challenge.
