Core Units
Knights
Errant
Don't underestimate this young knights! If used
wisely, they can be deadly warriors. A unit between 8-12 Knights
for 21 points each should be okay. As they have the Knights
Virtue, they are immune to panic caused by units which are not
Knights. Always upgrade to Musican and Champion. Equip them
with the Errantry Banner (+25). This gives them a +1 S when
charging!

Knights of the Realm
For 4 points more per model than the Knight Errants
the Knights of the Realm get a WS 4 and a better Ld. Their Strength
3 is lousy, but they are core Units and relatively cheap. Use
8-12 Knights per unit and upgrade two of them to Musician and
Champion.
Men-at-arms
For 4 points per model they are very cheap. Upgrade
them to Musician, Standard Bearer and Sergeant and give them
a shield +1 point. For just one more point you can equip them
with spears (attack with two rows if they did not move) or halberds
(+1 S). If you use them defensively give them spears, if they
should support the knights during attacks, give them halberds.
Unit size should be at least 20.
Special Units
Bowmen
Unfortunately, the old Arrowhead formation from
WFB 4 didn't made it into the new version. Therefore the models
are very expensive for 8 points per model. Buy them only, if
you really can afford them or if you want a "special flavour"
in your Army.
Squires
When you need archers for your army, the squires
are the better choice. For just 9 points, you get Skirmishers
(360° LOS) and the best of all: for one additional point,
you can upgrade them to Foresters, which make them to Scouts.
Always upgrade one of them to Gamekeeper. Buy at least 10 models
per unit.
Mounted
Squires
For 16 points per model you get fast cavalry with
spears and bows, which makes them useful both in hand to hand
combat as well as for ranged attacks. Although they are only
fast cavalry, which means that they cannot use the Lance-formation,
they are awesome fighters. Use at least 10 of them in your army.
They are fast moving troops. Bring them into a tactical good
position and then start to shoot at your enemies.
Rare Units
Questing
Knights
The Questing Knights are awesome Fighers. They
have the Questing Virtue, which means that they are immune to
panic. Their WS is respectable and their S 4 makes them dangerous
opponents. For just 29 points per model you get very good troops.
Buy 12 Models + Musician and Champion. This unit would be a
good place for your Paladin-Standard Bearer.
Grail
Knights
Your army should include a unit of Grail Knights.
Their WS 5/S 4 in combination with the Grail Virtue (Immune
to Terror) makes them a powerful unit, especially against enemies
who cause fear. Field at least 12 of them (which means 411 points,
which are really worth it).