They hit as hard as Varghiests, but are as tough as Crypt Horrors. They don't need the general to move around since they usually use hover. They can get into positions and hold points other units can't.
Morghasts are good flanker/counter unit, and there is quite big difference between them, and crypt horrors or vargheists. Not only points. Both argheists and crypt horrors are still usable - i can say, that all thouse units become more specialized in what they do. Reducing morghast to only mix of crypt horrors and vargheists is probably big mistake that will result in either leaving old units at home and demand from morghast to fulfill both roles of old units - and that is impossible.
Let me explain that:
Hardiness and staying power - i think that it is on par with crypt horrors, but static is more favourable to crypts - so they are still more reliable choice for big, immovable static monstrous unit. Crypts will get their rank bonus, and also they can disrupt enemy rank bonus if they hit on flank, so it have better static CR than morghasts/vargheists. Regen vs save....well, i think that regen is better cause it is not modyfied by strenght(and can be further boosted), and flammable combos are point demanding. And as you will definitely be have more crypts than morghasts, that means lots of W to deal with, so even if they loose and start crumbling - there is much more chance that the unit hold his ground.
So if you want some blocking/stopping power from monstrous infantry - crypt horrors are much better. Crypts have also one, situational advantage over Vargheist and Morghast - characters can join them, and they have champion to leave character playing with r&f.
Morghast do not hit as hard as vargheists - 2 vargheists is one Arcai, and it is almost trice attacks more on vargheists. Yes, on lower WS and S, but difference is quite small, and their damage output is about 50% higher than morghasts. Their drawback is that if they dont get flank, their T4 is usually not enough to protect CR that they casued by that higher damage output. But fortunately vargheists are more maneuvrable and much easier you can get some nasty flank charge comboed with some hard hitter. Vargheists are wampiric, so they can operate outside of general ld bubble and they can still march, allowing 20" movement deep into enemy zone. Frenzy is downside, but it is possible to moonwalk them in turn one, preventing unwanted charges and simply setup them for turn two combined charge - so they will not be forced to frenzy check since they will be charging anyway. Vargheists are good if you have some lone character that is making frontal charge and is supported by flank charge by vargheists, since they can have champion that is strong enough to kill any enemy champion, allowing that character to kill r&f. Vargheist are more suited for offence and much better support to fast or flying killer characters.As they dont have save, regen and have 4T naked, they are not suited for prolonged fights, and they should not be used as crypt horrors or morghast.
Morghast hoover is never doubled, so they have 10" naked, no matter if general is around. It is not sufficient for support of real flyers. And if they are within general LD bubble they are still faster if they are footslogging, but their movement is almost the same as crypt horrors(maneuvrability is higher, cause of skirmish). But they do not need speed of vargheists to do their job.
Morghasts are better suited for infantry heavy armies, for being much better counterstrike unit. High S, high T and ability to charge with hoover without troubles of being redirected means very nasty flanker. They can avoid unnecessary combats done with zombies and other blockers around, as they can freely deploy with their hoover behind that blockers. Their 12" reducing crumble is more suited for prolonged multi combats when we dont have to break enemy instantly, but we opting for absorbing enemy in our massed infantry and slowly murder them with blenders, morghasts and other killers. They also heal faster, and with W4 they can be longer at enemy flank, asset that can be better used close to IoN casting character - preferably 4lev blender. Morghast cause terror, so that can be difference when facing fear casuing enemy. They do not need champion, cause their ideal environement will be supporting combat of big, infantry unit that usually have own champion and is properly supported by characters.
So, morghast are not worse, or better. They have their role in the army - and knowing that most of us using lots of infantry - morghast are definitely worth some testing.