Thanks to those who replied to my questions in post #24. You have reinforced my view that although the Baron and his werewolves are fun he is not particularly cost effective when compared to the likely alternatives.
I rate ravenous werewolves as pretty much useless and likely to die against any worthwhile opposition although they do tend to single out the weak and create a distraction. With luck they find a way to become a blooded werewolf.
Blooded werewolves are strength 8 beasts with 2 moves and they are about as strong as an axeman with iron weapons, mobility and a couple of enchantments (say enchanted blades and shield of faith which together give +30%). Beasts don't take enchantments and have to earn all their promotions from combat. I rate champions as significantly stronger than blooded werewolves and allowing them to gain experience and promotions means they are eligiable for upgrading to immortals and phalanx. They can also take mithril weapons which make them far stronger than any werewolves. Against those advantages for the axeman and champion alternatives the blooded werewolf has a mere 5% chance of becoming a greater werewolf and a 30% chance of creating a ravenous werewolf.
The greater werewolves are nice units and with a base strength of 11 and move 3 are better than champions with iron weapons on an individual basis. But there is no upgrade path and they dont take metal weapons or enchantments. They gain all their experience from combat and have a 45% chance of creating a ravenous werewolf.
So assuming you have already researched Animal Handling and have a few rangers and Iron Working to build champions and upgrade axemen with iron weapons, do you really think that researching Feral Bond and spending 500

on the Baron is worthwhile? You could instead spend those beakers on researching 30% of Mithril Working (which gives mithril weapons to all troops that can have them, assuming you have the resource) and leads to technologies that give immortals and phalanx. Feral Bond allows the Grove building to be built (300

) and that allows beastmasters and druids to be built (or upgraded) once the relevant techs have been researched.
In summary: the alternatives seem to be Baron and his werewolve plus 4 druids and 4 beastmasters against unlimited champions (with mithril weapons) and 4 immortals and 4 phalanx. The Baron / druid / beastmaster option does cost about half the research cost of the "mithril" option but is in my opinion substantially weaker. What do others think?