Yes the new plastic Terminator Lord can be configured as either a Lord or a Sorcerer.
I'd plump for a Sorcerer Lord myself - all you miss out on stat-wise is a point of WS and you gain the loverly new psychic powers.
The only problem with the new Lord model is that it's in terminator armour.
Basically you lose the option to transport your lord in a Rhino, give him wings, a bike or even a Daemon steed.
On the big bonus side though he can deep strike with pin-point accuracy with the new Icon Rules.
Another bonus is that you can have multiple lords in your army. :party2:
I would like them to produce a Lord kit in power armour but I guess we'll never see that.
Ah well conversion time ahoy then!