Just a little update - yesterday I tried a unit of 40 ghouls with SGK, but arranged 5 by 10, instead of in a
horde.
It wasn't the best test, since we were playing T&T and said Ghoul unit only ended up in combat once (I still won though

).
However, the unit just felt a lot more 'solid' then when I ran it as a
horde. See, when I run Ghouls in a
horde, every casualty makes me flinch. If I lose more than 10 models, I start losing return attacks and, soon after, ranks (which is even more painful in a unit that can't take standards). It's especially troubling when I take ranged damage from elves - since I know I'll be taking a boat-load more casualties when I charge, before I get to hit them back. It's especially painful since I can never swift-refrom with my Ghouls. So, if I've taken a lot of damage, I can't change to being 5-wide without sacrificing my entire unit.
But, 5-wide, casualties feel a lot less severe. I wasn't biting my nails about charging, for fear that I'd lose my general (and the rest of my squad) to CR. Sure, I get fewer attacks than with a
Horde - but I'm also receiving fewer attacks back and (with my Ghoul King) I'm far less reliant on the attacks of my ghouls.