Warhammer Online?

One of the largest draws of Games Workshop's games is its intellectual property itself.  Within each game, dozens of factions both unique in appearance and play style compete with one another.  Each faction is richly developed, and has at this point more than twenty years of fiction tying it into a cohesive universe in which no faction is strictly "good," but is primarily vying for survival.  Each faction is nuanced to the point where you can see factions within factions, moving in directions that the core faction may not explore.  Both Fantasy and 40k have had video games attempting to capitalize on it, but while Dawn of War was largely successful, Fantasy has not had similar success.
With the fall of Warhammer Online, Games Workshop's fantasy IP has floundered in the electronic market.  The challenge, it appears, is in capturing the feel of an all-out wargame in a universe where players are live.  MMO mechanics are not particularly suited to mass battles, as WAR's developers, and the developers of the 40k MMO, found out.  As much as I'd like to see a Mordheim, Necromunda, or Warhammer Quest MMO, they won't happen -- GW has made it clear that they only want their primary properties converted to electronic media.  Meanwhile, no one particularly wants to play as a guy that dies in a hit or two in an MMO.  Most strategy games don't particularly emphasize the same tactical gameplay that the tabletop games have, however.  Dawn of War is a significant departure from the game in everything but theme.

How many points?

The only series remotely close to adapting the feel of Warhammer has been the Total War series.  While in theme, The Creative Assembly has limited themselves to strictly historical environments, their gameplay has created a genre out of tactics-focused company level wargame.  While the grand campaign in the total war series has played out in a similar manner to Civilization, individual battles, skirmishes, and most importantly multiplayer matches play out in a similar manner to a Warhammer battle.
Each player starts by selecting a force using a finite amount of resources, similar to "points" used in selecting units out of a codex.  They then take turns deploying their forces on a set map, complete with destructible terrain and fortifications.  After both players deploy, the battle begins.  Forces largely succeed or fail based entirely on movement choices once the battle begins.  Units are fairly slow moving and require precise positioning to gain tactical advantages.  Flanking, for example, is key.  Artillery scatters and bounces, and units have actual morale causing them to route.  Where the Total War series shines: the early gunpowder era -- the same era that Warhammer Fantasy is roughly set in.  They even release DLC containing new factions for their games.  There were only two things in the way of making this happen: GW's license with THQ, and TCA's insistence on making historical games.

One if by land.

Coincidentally, with THQ's death and TCA's interest in the Alien franchise from Sega, a deal was struck.  We will, in theory, see Warhammer: Total War.  And it will be beautiful.  Multiplayer matches will reflect actual tabletop battles.  There will be a fantasy game with tactical maneuvering, force organization, and force deployment in a manner not seen since the Myth series died.  This idea is so wonderful that Games Workshop quashed a fan's mod version of this years ago.  Now we'll see it, in official form, by the game's creators itself.