[Chris Perkins]

My belief is Romans > Dwarves > Death Chasers.

I'm basing this off of 500 points at 24 figure limits. At lower figure limits, the Dwarves start to gain the edge on Romans in my view just because the Romans are almost too efficient for their points and it's hard to get a good full-on Roman build at, say, the 16 figure limit Gencon main had last year.

I think Death Chasers third is the clearest one here, because:
1) 3 person squad, as has already been pointed out
2) Their best advantage, MBS, is at odds with the most efficient way to play Chasers, which is to pin your opponent in their start zone with a quick rush. If you're pushing forward fast like this, you'll get ~ 4 hits with MBS (max) before your death chasers are engaged. Let's say 2 of those hit - losing 2 squad figures before direct mele engagement, I'll still take either Romans or Dwarves even down 2 figures over the death chasers because of 1 more per squad and better defense.

Regarding Romans v. Dwarves, this is insanely close, but I see the Romans winning because to me they are --slightly-- more efficient for their points. I can replace Dwarves x4 with Romans x5 and still have 30 points left over, which in most matchups I'd prefer. I see three major different types of matchups here:
1) Mele heavy. Here, having those extra 4 Romans is huge to just outlast based on pure numbers. Plus, MBS gives you 1-2 rounds of free shots before your opponent engages.
2) Against smaller ranged figures. Here, having NGS as a bonding option is actually quite useful. NGS is a tank and can clutter up quite a bit of ranged units to buy your Romans up to a round of 'free' advancement. In this matchup, I'd take NGS over MBS (if it was a draft or I knew my opponent's army in advance). Mogrimm is also a good option for that, but he's available in either army. The downside to using him in this role for the Dwarves army is that it denies 8-12 Dwarves 2 extra movement spaces in round 1, while you probably need the board control that those 2 moves give them more. This is close between Romans v. Dwarves, but the Romans being cheaper allows two things - being more ok with losing several as they advance (and still having close to 4 squads when you get there) and being able to sacrifice a hero to tie up the ranged units while still having 1-2 quality bonding heroes left. The Dwarves advantage here comes from having 6 move, but the Romans 5 move (with Marcus) is almost as good, and their other advantages outweigh to me.
3) Against larger figures, like Nilf or Q9. Clearly the Dwarves have the edge here, with better movement and with becoming 4/4 units. But with the current meta, I see this matchup happening less often than (1) or (2), so I lean towards Romans still.