I wouldn't completely rule out Bane Head + Piranha Blade. Some hero level characters that have more than two wounds are: Gorebull, Ogre Bruiser, Wight King, Tomb Prince. If you don't expect any of those, then don't worry about it. As to the Horned One, I'd tend to agree with Vapor. It's a non-magical mount that still comes from the enchanted item section, thus using up our magic item point allowance. The FAQ just prevents things like the Tomb King amulet that nullifies enchanted items from leaving us suddenly on foot.
Actually it was an enchanted item when the book was written, it is later that GW decided to make it just a mount and wrote it in the FAQ: Note the word "only".
It is considered only a mount for in-game purposes (spells that destroy magic items, that sword that gets a boost from magic items, etc). To buy it for your character it is still an enchanted item that will come out of your magic item allotment.
The FAQ is a little ambiguous in its wording (or lack thereof) and I initially had read it to be solely a mount. On second thoughts, and third ones as well, I am tending to fall in the category of it being under the magic items allotment. The reason behind my thoughts is the phrase 'Rules Purposes' that to me implies the game portion of the hobby. I also think it would be wise to play it in such a way until (if ever) a new GW FAQ comes out with more clarity of wording.
The points a character can spend on equipment is also in the rules, in fact there is nothing in this hobby aside from modelling (and even rules for that are hinted at in the BRB) is in fact a part of the rules. There is no reason to count the horned one as a regular mount for all rules, except the ones for selecting magical equipment. What is so special in those rules that they don't fall in the "for rules purposes" section?
You both make good arguments. If they wanted the horned one to be a mount and not an item--which essentially makes it a VERY RARE MOUNT, they could've done this: Errata the book so that under Characters you can take it as a mount. instead of ambiguous answers in the FAQ. The fact that they didnt do this leads me to believe they want it to remain an item when you buy it. BUT NOT AN ITEM AT ANY OTHER TIME. The question is: Which rules are they overriding? Enchanted Item points allowance? number of same Magic items allowed per character/army? I think this is a rule each one of us will have to talk over with our local gaming groups.
Here's the actual FAQ section: Q. Does a Horned One count a magic item for rules purposes, or is it only a special type of cavalry mount ? (p101) A. It is only a cavalry mount. do they mean to leave out "special" in the answer? very ambiguous.
And those options are also listed in their own section, the horned one is in the magic item section-- this shouldn't be too hard to figure out. The FAQ just made it immune to being destroyed or effected by certain spells and magic items.
If it is supposed to be just a normal mount, why didnt they Errata it's profile on the page where all Lizzies mounts are listed? And it' still Enchated item, FAQ didnt remove it from Magic Items section.
Yeah, it's still not listed in the Army List section under mount choices for any of the characters. If it doesn't come from the enchanted item section (thus counting against the magic point limit), then none of our characters can choose it anyway.