U know really the Eldar have living metal; wraithbone, but it doesn't get rules as such.
My theory is that he reason GW havn't produced a waveserpent is because they have no idea how: although the chasis is the same as the Falcon, there are too many changes required. At present they would have to extend the rear of the falcon, create a new turret and add a wave projector to the front. These additions would be too expensive and waste to much of the existing kit. They wouldn't be able to do a half decent job and make it afordable as a plastic kit. Although it looks loverly the Falcon is a really dumb shape, the front wings are just for effect and the crew compartment is stupidly small. Currently decent Waveserpet models, such as the forgeworld one are HUGE because they have a damm great big hole in the middle.
I believe that when the 4th edition comes we will see a Plastic Waveserpent, but it will not be based on a Falcon. Instead I think we will get a new design and a new chasis. The reason we havn't seen this already is that a new plastic tank is a big job. If you doubt that they might change the look of the wave serpent remember, in 2nd edition it used to look like the flying train from back to the future 3. [Or a door stop] They won't change it much, it'll have the same sleek Eldar look, but it won't be such a logistical nightmare.
If was as simple as them knocking out a quick Falcon conversion, a la the Fire Prism, I really think they would have done it by now.
GW once did an article in WD about how to conver a falcon to a wave serpent using a plasic spoon, very blue peter and the spoon handle keeps getting in the way, not to mention the fact that stiring your tea makes a mess of the paint job
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