This was what I dug out. I'll format it later:
The formula for determining point values is not set in stone, but uses the following guidelines:
A basic unit of 20 models costs 10 points and has the following profile:
MS AS SV HL MV ML
1 1 0 1 4 E
This is the baseline for all tabulations.
For each increase in MV and ML, add 10 points. Increases in MS cost 10 points per increment up to MS 4. MS 5 and MS 6 each cost 20 points. Increase in SV cost 10 points through SV 3. It costs 20 additional points for SV 2.
Maces cost 30 points per unit while great weapons cost 20 points.
Spears and two hand weapons are a little different because they multiply the effectiveness of attacks. Their cost is 10 points per MS of the model in question.
So MS 2 units pay 20 points for them while MS4 units pay 40.
Cavalry follows the similar rules, but since their units start with only 5 models the base movement for them is 8 (reduced to 7 if barding is used). Lances cost 10 points.
Skirmishers add 10 points per 10 models.
Archery is a little different. Archery uses the same basic calculations as above, but applies to units of only 10 models.
What is more, the end result is multiplied by two.
Thus a unit with the above stats costs 200 points for 10 models.
Thrown weapons are 10 points multiplied by AS.
If AS is not used (the unit has no missile weapons) the profile may include it for completeness, but no points are charged for it.
The Undead abilities cost 40 points (20 for Obedient Beyond Death, 20 for The Horror).
Characters use the same profile but the base cost per model is 30 points. Because they shoot less (once per turn as opposed to 10), the cost for missile weapons is only 5 points per AS rather than 10.
There is a certain amount of discretion in tabulating the final results, generally taking the form of rounding up, particularly in cases where the unit’s potential clearly exceeds its listed stat line.
In terms of selection requirements, there currently aren’t any save that an army must have a commander. Other than that, use whatever mixture suits you.
Chariots’ trample attack costs 20 points.
The Arrows Won’t Stop Them: Ghosts rules costs half the points value for SV 2.