Chainmail rules
Chainmail miniatures are really about the same price as Reaper miniatures (probably slightly more expensive, but not 'double the price'. I spent around $200 on Reaper miniatures at Gen Con last year so I guess I bought the right to compare.
Anyhow, the Chainmail guys I have are without a doubt the best looking figures I have, barring my Rackham Confrontation figures.
Chainmail: I think it's usually 2.99-3.99 for a single figure, 5.99 for a package of two (like I just got a Glaiver and a Marine and the box was 5.99). Some of the larger, more dynamic figures are slightly more expensive. I recently got a Bugbear trooper that is without a doubt my favorite figure that was $5.99. He's leaning forward, charging with this crazy mace looking thing.
With the starter kit you get 'not quite 50 points each' of the Thalos and Naresh core figures. Enough to skirmish with, definitely. I bought a single Drazen's Horde combo box (Ogre trooper, hobgoblin fighter, and a goblin scout) and a $3.99 box of two more goblin scouts and spent around $20 when the game first came out on special. Since then I've added the Orc Druid ($3.99) and 2 more goblin troopers (I think that was $5.99) and the aforementioned Bugbear trooper. Thats enough for several combinations of 50 and 70 point warbands which you need for league play.
I JUST NOW got around to painting the Thalos figures that come with the starter box and I loved them so much (especially the Paladin) that I went ahead and put together a 50 point Thalos band. I snagged the marine/glaiver box for $5.99. Thats enough for a 51 point warband. I'm waiting for the warriors of Thalos to come out because they are super-cool looking. If I sub in a human warrior instead of a Marine I'll have an even 50- legal for the league.
I could have bought just one more de-lovely Thalos Paladin for $2.99 and probably had an even stronger warband (with 10 command points to throw around!) and had an even 50, but I've gotten really attached to my one Thalos Paladin. She's like.. special.
As far as gameplay- Chainmail is less expensive, faster and more fun than Warhammer and Mage Knight. It's more of a skilled game- you have to use your command points wisely, you can't just ram your armies at each other. (Well, you can...but you won't win that way). The rules are basic d20, so if you understand a concept like flanking and attacks of opportunity, tahts a major part of the strategy.
Example: The glaivers have reach with their glaives, so you can put two or more together and make sort of an advancing wall of pikes. The enemy has to spend command points to keep his guys from charging you, so if you have him on command points he'll eventually lose a guy to your wall of pikes.
Another time honored technique is the feint. If you keep making the enemy blow his command points, you can end by sending out some 'cannon fodder' troops like my 3 point goblin troopers. The enemy is forced to charge when he can't command any more for the turn, which usually draws him into my goblin scout ambush and the rampaging Ogre trooper hiding behind a wall.
It's gameplay like that, + the figures are awesome that make chainmail so fun.
I dunno. I like it.