It kind of is, if you don't have any hammers that can get there to swing the combat (TK does have some options in that department, though I like none of them). I'm personally not a fan of it, and I've smashed one too many Empire armies with the setup you describe to put my faith in Swordsmen - you won't run, and that's fine, we'll just kill them all, and they can't kill us back with S3 weaksauce.
Reiksguard are also a lot more useful than Inner Circle Knights once you factor characters out, though let's be real here - if you're going to put up Special points, you're bringing Demigryphs. 6 DGK's with musician and standard-bearer cost exactly as much as 20 Khorne Halberd Warriors with the same amount of command, and beat them 1-on-1, with no support. They're the true stand-alone fighting unit Empire has been waiting for, and the best thing is they do get better with support.