It's pretty close. In fact, considering that literally half of 40k is red/blue/green/grey/black Marines, warmahordes actually has more genuinely unique factions with greatly varying playstyles, and despite tynskels claims, it is a balanced enough game that not only are all factions represented at the top tables, but the weakest factions still take top spots fairly frequently. Compare it to 40k, and it's literally a joke.
Plus, within each faction there is far, far more variability. Most 40k books ultimately break down to a small number of competitive builds. Warmahordes allows you to bring any one of a dozen casters or warlocks per faction, all with unique playstyles, and multiple ways of playing each one. And most of them are genuinely good enough to be competitive enough.
Meanwhile, gw hasn't released an faq in how many months?
Claiming gw has quality rules while handwaving the multitude of large, blatant, and relatively easily solveable problems in 40k with a 'but balance is hard', while other companies, pp being the most obvious, are doing a vastly better job, is laughable.
I really don't know what else to say. 40k is fun, it's easy to get a game, the models are cool, and the fluff is cool, but the rules are objectively mediocre at best, and the company is openly dismissive and actively exploitative of its customers.