Before this officially becomes an Elminister thread....
Eberron, like ANY world can be adjusted to fit your players tastes and speed. Baker has been said to prefer levels 5-8. Lord of Blades as being a level 12 character is a challenge this way based solely on CR.
NOW keep in mind what he is....
He is the only organized force within a wiped out area the size of a country. He is not all powerful, but he is the closest thing to it. If you mess with the Mournelands, you will need to deal with him.
Now for how much of a challenge he is...
He is set up to a thorn in one's side and an excellent Roleplaying possibility. He is selfrightious zealot that has a commanding presence and influence over warforged beings whom are lost at what to do. They are looking for a leader and a purpose. Enter their savior- The Lord of Blades.
Though he is already an influence in my game (using Forgotten Forge and Shadows of the Last War) he has not appeared nor even been mentioned. Once my players do know of his existance, there will be role playing possibilities. He is in effect a king. To get to him, you must enter his country (not easy being the Mournelands) and go through his minions whom are BELIEVERS of him. They do what what they do not for money but for spiritual belief. They will do anything for him.
In the same token, he is smart and cunning. He is a manipulator also. The way I am planning on using him is he truely feels his "people" are unjustly used and viewed by the common races BUT he wants power. He wants power over them, over humanoids and the common races.
He is as powerful as you want him because of INFLUENCE. He could be level 1 barbarian but if he commands these folks as he does, you will be 15+ level just to reach him.
I once read an artical that suggested he was the Dr. Doom (Marvel Comics) of Eberron. He is not super powerful in a one on one fight but he plans out everything, has tons of resources and tons of followers. Going through the feilds of the Mournelands, he has tons of weapons, including magical weapons of Mass Destruction. COUNTRIES will fear his possible motives and reasons for being.
Thus, if PCs want to remove him, they may have to deal with Breland or Karrnath. Epic level anyone? Not convinced yet? The Dragons may want him alive. Do you wish to fight an army of angry dragons (multiple types)?
Its how the game is played ...not the characters own level that creates the Challenge Rating in my own mind.
'nuff said.